BitPay controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
BitPay agrees to settle sanctions-compliance liability
Settlement
BitPay agreed to pay $507,375 to settle its liability after allegedly allowing individuals apparently based in sanctioned regions to transact with U.S. merchants through its platform. OFAC described 2,102 apparent violations of multiple sanctions programs.
Source excerpt
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Feb. 18 announced a settlement with digital currency payment service provider BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
2015
Insurance lawsuit over 5,000-bitcoin theft
BitPay sued its insurance provider over an alleged refusal to cover a theft of 5,000 bitcoins that occurred in December 2014. The dispute concerned the scope of insurance coverage for a cryptocurrency loss.