[ShapeShift Pays $750,000 Settlement for Violating Sanctions Regulations] The now-defunct cryptocurrency exchange ShapeShift has agreed to pay a $750,000 settlement to resolve allegations of violating sanctions regulations imposed by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC). According to a statement from the Treasury Department, the exchange failed to establish an effective sanctions compliance program between December 2016 and October 2018, which resulted in it receiving funds from users in sanctioned countries such as Cuba, Iran, Sudan, and Syria, and processing over $12.5 million in cryptocurrency transactions. ShapeShift, founded by early crypto entrepreneur Erik Voorhees, highlights the challenges faced by the crypto industry in adhering to international sanctions regulations.