CoinList Will Pay a Fine of $1.2M

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CoinList, a token sale platform and crypto exchange, has reached a resolution with OFAC regarding violations of sanctions regulations.

As part of the resolution, CoinList has agreed to pay a $1.2 million fine. The company was found to have processed 989 transactions for 89 users who indicated their residence as Crimea, despite actually living in the region.

This was due to verification protocols not recognizing indicators of residence in Crimea. Despite the potential maximum fine of $327 million, CoinList’s cooperation and smaller number of offending transactions resulted in a significantly lower fine.

Currently, CoinList’s daily platform volume is $500,000, with 46 coins available in 83 trading pairs. In October 2021, CoinList raised $100 million in funding, valuing the company at $1.5 billion.

This resolution comes after OFAC imposed sanctions on Russian citizen Ekaterina Zhdanova for her involvement in helping Russian elites circumvent international restrictions using cryptocurrencies.