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OFAC Announces Settlement with PayPal for Apparent Sanctions Violations

On March 25, 2015, the Department of the Treasury’s Office of Foreign Assets Controls (OFAC) announced a settlement with electronic funds transfer giant PayPal, Inc. At issue were almost 500 transactions totaling approximately $44,000 in violation of various U.S. sanctions programs, including for Iran, Cuba, Sudan, proliferation of weapons of…

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The “Blockchains” of Bitcoin 2.0

Bitcoin is built on a distributed consensus technology – the blockchain – which allows transactions to be verified and securely stored without a centralized authority authenticating the transactions.  In its current form, the blockchain serves as a ledger for digital currency.  However, developers with a sophisticated understanding of cryptography seek…

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