US Treasury Department Fines Bittrex

The U.S. Treasury Department has fined cryptocurrency exchange Bittrex $29 million for irregularities.
 US Treasury Department Fines Bittrex
READING NOW US Treasury Department Fines Bittrex

The U.S. Treasury Department has fined cryptocurrency exchange Bittrex $29 million for irregularities.

Popular exchange Bittrex was penalized for irregularities in its enforcement controls between 2014 and 2017. The ministry draws attention to cyber attacks that have become a serious problem in crypto markets. The Ministry underlined that by imposing sanctions on cryptocurrency exchanges, they must comply with them.

Bittrex Penalized for Violations

The US-based Office of Foreign Asset Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) announced that a total of $29 million was signed with Bittrex.

According to the statements made, the Bittrex exchange admitted that it intentionally violated BSA’s AML program and SAR requirements. As a result of these violations, he agreed to pay approximately $29 million in criminal sanctions. FinCEN will provide resolution of the breach of Bittrex’s obligation to OFAC. As the OFAC party to the deal, it will credit approximately $24 million in payments.

OFAC director Andrea Gacki said alongside the announcement;

“Crypto exchanges operating worldwide must understand who their customers are and where they are.”

The ministry had previously fined BitGo and BitPay exchanges for failing to comply with the sanctions.

Comments
Leave a Comment

Details
167 read
okunma41025
0 comments