The Strategist

Bittrex gets $24M fine for sanctions violations

10/12/2022 - 08:41

Bittrex, a cryptocurrency exchange, has been fined by the Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department for violating the sanctions imposed on Russia, Iran, Sudan, and Syria.
Between March 2014 and December 2017, Bittrex failed to halt virtual currency transactions for customers in the Crimea, Cuba, Iran, Sudan, and Syria, according to OFAC. These moves are accessed to be worth $263 million.

The exchange is registered in Bellevue, Washington. Under U.S. sanctions, U.S. entities are not allowed to transact with companies or individuals from certain countries. OFAC Director Andrea Gacki said, "Virtual currency exchanges around the world need to understand who their customers are and where they are."

The OFAC report suggests that the exchange could trace the jurisdiction of customers using Internet protocol and the addresses that users provide when registering. However, Bittrex did not check the jurisdiction of users during transactions.


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