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.
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