Company Directory - BitGo, Inc.
Company Details - BitGo, Inc.
BitGo, Inc.
WebsitePalo Alto, United States
BitGo, Inc. is a leading digital asset custody and security platform that offers institutional-grade multi-signature wallets, custody solutions, and liquidity services for digital assets. The company plays a pivotal role in protecting digital reserves, including those backing stablecoins like USDS, by providing robust, secure, and compliant storage infrastructure for its clients.
CCI Score
CCI Score: BitGo, Inc.
-24.83
0.01%
Latest Event
BitGo’s Role in Custody for Trump-Backed Stablecoin
BitGo provided custody services for a stablecoin launched by a Trump-linked entity, indirectly supporting a political project with authoritarian overtones. By facilitating secure custody for the Trump family’s stablecoin project, BitGo is implicated in forwarding a financial initiative that aligns with far‐right political interests.
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ACCOMPLICE
BitGo, Inc. is currently rated as an Accomplice.
Latest Events
- MAR252025
BitGo provided custody services for a stablecoin launched by a Trump-linked entity, indirectly supporting a political project with authoritarian overtones. By facilitating secure custody for the Trump family’s stablecoin project, BitGo is implicated in forwarding a financial initiative that aligns with far‐right political interests.
- MAR122025
BitGo CEO Mike Belshe cautioned that reliance on executive orders for crypto regulation could lead to a politicized approach where government might pick winners and losers, risking democratic accountability and stability in digital asset governance.
+70
Executive Political Engagement
March 25
CEO Mike Belshe's remarks highlight a commitment to ensuring that crypto regulation is established through clear, legislated frameworks rather than transient executive orders. By warning against political volatility and the danger of government favoring certain assets, BitGo positions itself in favor of democratic accountability and transparency. This stance opposes tendencies that could lead to authoritarian manipulation of financial policies, marking a positive effort to resist politicization in an industry vulnerable to executive overreach.
- NOV052024
BitGo, Inc. was identified as one of the top corporate contributors in the 2024 elections, donating significant amounts across party lines. This involvement raises concerns about the company's influence on political processes and the potential to empower authoritarian-leaning policies.
-40
Political Contributions and Lobbying Efforts
March 25
BitGo's substantial political donations, as reported in the 2024 election cycle, contribute to a pattern of corporate influence in politics. From an anti-fascist perspective, such financial contributions help empower political actors who may pursue authoritarian agendas, undermining democratic accountability. The generous cross-party donations, while seemingly bipartisan, facilitate a political environment where wealth can dictate policy, reflecting troubling public and political behavior.
- OCT162024
BitGo, Inc.'s CEO contributed $300,000 in XRP to political campaigns during the 2024 U.S. election cycle, highlighting the company's involvement in crypto lobby activities which may undermine democratic processes.
-50
Political Contributions and Lobbying Efforts
March 25
The contribution by BitGo's CEO, amounting to $300,000 in XRP, demonstrates the company's active role in political contributions and lobbying efforts. Such actions are viewed negatively from an anti-fascist perspective, as they may facilitate undue influence on the political process and contribute to the erosion of democratic accountability.
-40
Executive Political Engagement
March 25
The direct involvement of BitGo's CEO in political campaign financing highlights a trend of executive political engagement, wherein high-level corporate figures are using their influence to sway political outcomes. This activity, when viewed through an anti-fascist lens, raises concerns about corporate interference in the democratic process.
- SEP162024
During the 2024 US elections, BitGo CEO Mike Belshe contributed $119,825, a move that aligns the company with significant political spending in the crypto industry. This donation, as part of an overall increase in political contributions by industry players, raises concerns about the growing influence of corporate money on political outcomes and the potential support of authoritarian policy tendencies.
-60
Political Contributions and Lobbying Efforts
March 25
BitGo's involvement in the 2024 election cycle, through the political donation by its CEO, highlights active participation in political contributions that may influence policy in favor of authoritarian agendas. This move is indicative of the company's complicity in leveraging financial power to sway political outcomes, a trend common among crypto industry leaders.
Crypto industry goes harder with political donations in 2024 US elections | Cryptopolitan
-60
Executive Political Engagement
March 25
The direct involvement of BitGo's CEO in making a substantial political donation reflects a form of executive political engagement that may compromise democratic processes. Such contributions can be seen as a way for corporate leaders to secure influence over political decisions, thus contributing to power imbalances favoring authoritarian practices.
Crypto industry goes harder with political donations in 2024 US elections | Cryptopolitan
- JUL012024
BitGo’s CEO Mike Belshe hosted a fundraiser to support Donald Trump's presidential bid, charging $3,300 per attendee. This event demonstrates the company's engagement in high-profile political activities that align it with far-right authoritarian endeavors, raising concerns about its broader political complicity.
-50
Executive Political Engagement
March 25
The fundraiser organized by BitGo’s CEO in support of Donald Trump highlights a deliberate executive political engagement that contributes to the rise of authoritarianism. By financially supporting a campaign associated with far-right policies, BitGo exhibits conduct that is deeply concerning from an anti-fascist perspective.
Crypto Custodian BitGo Looking To Go Public in the US This Year: Report
- JAN152021
OFAC settled with BitGo, Inc. due to its failure to implement effective controls to block users from sanctioned jurisdictions, exposing significant shortcomings in the company's business practices and technology compliance measures.
-40
Business Practices and Ethical Responsibility
March 25
BitGo failed to enforce sufficient controls, such as robust IP address blocking and verification of user location, resulting in users from sanctioned regions accessing its digital wallet services. This lapse in due diligence reflects a significant deficiency in its business practices and ethical responsibility.
Bits Too Far: Digital Wallet Company Settles OFAC Sanctions Violations
-30
Technology and Services Impact
March 25
Despite tracking IP addresses, BitGo's technology infrastructure did not adequately enforce geolocation-based restrictions, allowing users from sanctioned jurisdictions to access its services. The failure to leverage available technological tools for effective compliance underscores a negative impact on its technology and services practices.
Bits Too Far: Digital Wallet Company Settles OFAC Sanctions Violations
- DEC312020
BitGo, Inc. settled with OFAC after failing to implement adequate sanctions controls, which allowed transactions from individuals in sanctioned jurisdictions between 2015 and 2019. This oversight not only breached regulatory requirements but also indirectly contributed to undermining international sanctions regimes designed to restrict funding to authoritarian actors.
-60
Business Practices and Ethical Responsibility
March 25
Under its business practices, BitGo showed significant negligence by failing to verify the geographical locations of its users, resulting in processing 183 transactions from individuals in sanctioned countries. This lack of robust due diligence and compliance not only breached multiple sanctions programs but also indirectly facilitated financial flows to prohibited regions. The subsequent remedial measures, including hiring a Chief Compliance Officer and updating sanctions compliance policies, underscore that prior practices were insufficient, contributing negatively to the company’s ethical responsibility in business practices.
- DEC302020
On December 30, 2020, BitGo, Inc. settled with OFAC for failing to prevent digital currency transactions from sanctioned jurisdictions. The agency found BitGo did not implement adequate risk-based controls to block users from residing in sanctioned countries like Crimea, Cuba, Iran, Sudan, and Syria. Although remedial measures were introduced post-violation, the lapse in compliance raises significant concerns about its political and business practices, indirectly facilitating financial flows that could support authoritarian regimes.
-50
Public and Political Behavior
March 25
BitGo demonstrated a significant failure in public and political behavior by not proactively preventing individuals in sanctioned jurisdictions from accessing its digital wallet services. Given that such jurisdictions are often associated with authoritarian regimes, this lack of due diligence constitutes a serious neglect of political responsibility, indirectly aiding movements that underpin fascist or authoritarian practices.
OFAC Announces First Ever Enforcement Action Targeting a Digital Asset Company
-30
Business Practices and Ethical Responsibility
March 25
BitGo’s business practices came under scrutiny due to insufficient internal controls and risk-based compliance measures. Prior to the remedial measures implemented after the enforcement action, the company relied mainly on minimal customer provided data, which directly contributed to the sanctions violations. This lack of robust ethical responsibility reflects a broader failure to safeguard against potentially harmful financial practices.
OFAC Announces First Ever Enforcement Action Targeting a Digital Asset Company
-20
Technology and Services Impact
March 25
From a technological standpoint, BitGo failed to leverage the digital tools at its disposal to enforce sanctions compliance. Although the company collected user IP addresses for security, it did not use this information to adequately enforce geo-blocking measures. This technological oversight contributed to the violation, demonstrating a lack of fiduciary responsibility in managing its platform’s impact on global financial flows.
OFAC Announces First Ever Enforcement Action Targeting a Digital Asset Company
- DEC302020
BitGo, Inc. reached a settlement with the U.S. Treasury's Office of Foreign Assets Control over 183 apparent sanctions violations, agreeing to pay $98,830. This incident raises concerns about the company’s adherence to politically mandated sanctions and ethical business practices in the digital asset custody sector.
-50
Public and Political Behavior
March 25
BitGo’s violation of US sanctions regulations calls into question its commitment to upholding political policies designed to counter authoritarian influences. By engaging with clients in sanctioned regions, the company undermines the efficacy of US foreign policy measures and contributes to enabling activities that may be indirectly linked to authoritarian practices.
-40
Business Practices and Ethical Responsibility
March 25
The settlement reflects significant deficiencies in BitGo’s internal compliance and ethical oversight. By failing to prevent transactions with entities in sanctioned regions, the company demonstrates poor business practices that not only violate legal standards but also diminish trust in its ability to responsibly manage digital assets.
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