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Crypto Exchange CoinList Settles OFAC's Russian Sanctions Allegations for $1.2M

Crypto exchange CoinList paid $1.2 million to settle U.S. Office of Foreign Assets Control allegations it allowed users in Crimea, a Ukrainian peninsula annexed by Russia, to use the platform. CoinList "opened 89 accounts for customers, nearly all of whom had specified 'Russia' as their country of residence but all of whom provided addresses in Crimea upon account opening," the OFAC notice reads. The occupation led to the imposition of sanctions on Russia. OFAC said that the fine was significantly lower than the potential maximum of nearly $327 million because of CoinList's past compliance, cooperation and the small number of transactions involved relative to the exchange's total volume.


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