the closed cryptocurrency exchange ShapeShift has agreed to pay $750,000 to resolve its violations of the US Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctions.

The US Department of the Treasury said on Tuesday that the exchange, founded by early cryptocurrency entrepreneur Erik Voorhees, had received funds from sanctioned countries (Cuba, Iran, Sudan, and Syria) users.

The federal government accused ShapeShift of not establishing any sanctions compliance program to screen users or transactions for connections to sanctioned jurisdictions between December 2016 and October 2018, and processed over $12.5 million in cryptocurrency transactions for customers from these countries.