Crypto exchange Bittrex settled charges alleging it inadvertently violated federal sanctions with the U.S. Treasury Department, agreeing to pay just under $30 million in fines and keep a closer eye on its compliance program.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), the federal government’s sanctions enforcer, and the Financial Crimes Enforcement Network (FinCEN), Treasury’s money laundering watchdog, announced the settlements on Tuesday. Alongside the monetary penalties, Bittrex has already taken remedial action to correct these issues, OFAC said.
Between 2014 and late 2017, Bittrex allowed around 1,800 people in sanctioned jurisdictions – including Iran, Cuba, Sudan, Syria and Crimea – to conduct more than 116,000 transactions worth roughly $260 million through its platform, according to the settlement. The Seattle, Washington-based exchange has since taken action to better comply with sanctions blacklists.
OFAC has a number of comprehensive sanctions...
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