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.