Crypto Exchange Bittrex to Pay Fines of $53.6 Million for Violating Multiple U.S. Sanctions

The Treasury Department of the United States has levied a record fine of over $53 Million on Bittrex.

Crypto exchange, Bittrex to pay fines of $53.6 million for violating multiple U.S. sanctions

The United States Treasury Department has levied a record fine of over $53 million upon Washington-based cryptocurrency exchange Bittrex for the perceived violation of multiple sanctions. 

Bittrex Fined over $53 Million

The Treasury announced on Tuesday, October 11th, that it had issued Bittex fines of $24.3 million and $29.3 million for contravening sanctions by doing business with individuals operating in Iran, Sudan, Syria, Cuba, and the Crimea region of Ukraine

Sponsored

The $24.3 million penalty was levied by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) for violating the sanctions, while the $29.3 million was issued by the Financial Crimes Enforcement Network (FinCEN) over Bittrex’s apparent willful violations of the BSA’s AML program, and SAR requirements.

According to the announcement, between 2014 and late 2017, Bittrex allowed an alleged 1,800 inidividuals in sanctioned territories to conduct 116,421 transactions valued at more than $260 million.

Bittrex Settles with Regulators

Bittrex has agreed to pay the fines, which represent the largest penalty ever levied by the OFAC against a cryptocurrency exchange. The platform has since stated that it was “pleased” to be able to settle the charges with U.S. authorities.

In 2018, Bittrex updated its money laundering prevention systems to comply with U.S. regulations. Moreover, the Washington-based exchange has gone on record to state that regulators have not asked Bittrex to make any further changes.

On the Flipside

  • Ripple scored another victory in its ongoing legal battle with the Securities and Exchange Commission over the alleged sale of illegal securities.

Why You Should Care

The huge fines are part of a move from United States autorities to regulate the crypto market and the companies offering related services.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia