Bittrex cryptocurrency platform was slapped with a $29 mln

Bittrex cryptocurrency platform was slapped with a $29 mln

Subscribe
The platform was accused of years of violating user and jurisdiction vetting requirements

Bittrex cryptocurrency platform was slapped with a $29 mln fine for sanctions breaches
The platform was accused of years of violating user and jurisdiction vetting requirements

The U.S. Treasury Department has fined cryptocurrency exchange Bittrex $29 million for years of sanctions violations, The Block reports. According to the publication, the platform allegedly facilitated more than $263 million in sanctioned transactions between 2014 and 2017.

Bittrex was accused of not having a program to verify customer jurisdictions until late 2017, despite blocking sanctioned users, and not filing suspicious activity reports with supervisors.

The centralized U.S. exchange Bittrex was founded in 2014. It currently ranks 75th in daily trading volume ($15.6 million). The platform agreed to pay $29.2 million as part of its liability settlement agreement. According to the article, the fine is for willful violations of the anti-money laundering program.

In early August, New York authorities fined crypto platform Robinhood $30 million. The state's financial regulator said the company failed to enforce anti-money laundering measures and maintain cybersecurity measures.

 

Other news

Kyberswap hacker who broke into Kyberswap demanded full control of the service
Poloniex exchange names terms of withdrawal after hack
Reuters claimed terrorists are refocusing on crypto transfers on the Tron network
The filmmaker spent $4M on Dogecoin to shoot and made $27M
One of the largest Bitcoin mining pools, f2pool, has started blocking transactions from sanctioned wallets.
Who is Richard Teng, the individual who took over the position of head at Binance after Changpeng Zhao?
Trustpilot