On Tuesday, the Office of Foreign Asset Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) announced settlements totaling $53 million with Bittrex.
The department said in a statement:
“Bittrex has agreed to remit $29,280,829.20 for its willful violations of the BSA’s AML program and SAR requirements. FinCEN will credit the payment of $24,280,829.20 as part of Bittrex’s agreement to settle its potential liability with OFAC.”
OFAC director Andrea Gacki said alongside the announcement:
“Virtual currency exchanges operating worldwide should understand both who—and where—their customers are. OFAC will continue to hold accountable firms, in the virtual currency industry and elsewhere, whose failure to implement appropriate controls leads to sanctions violations.”
According to the press releases, Bittrex reportedly enabled $263,451,600.13 in sanctioned transactions between 2014 and 2017. Despite imposing sanctions on sanctioned people, the business reportedly did not have a procedure in place to screen sanctioned areas such as Syria or Crimea until the end of 2017 and did not file any suspicious activity reports with FinCEN prior to May of that year.
Treasury previously punished BitGo and BitPay for enabling payments in sanctioned areas, although the fines were just a little more than $98,000 and $500,000, respectively. The US authorities fined digital asset exchange Bittrex $53 million, the largest amount imposed by the Treasury Department on a crypto firm to date.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Singapore, Singapore, 21st June 2024, Chainwire
The 3iQ Solana ETP aims to offer Canadian investors access to SOL's price movements and…
Consensys argues that the extensive data requirements outlined in IRS crypto regulations will impose substantial…
Coinbase ad campaign focuses on the cost benefits of using USD Coin over traditional money…
Tyler and Cameron Winklevoss donated $1 million in Bitcoin to Donald Trump election campaign, opposing…
Zug, Switzerland, 20th June 2024, Chainwire
This website uses cookies.