The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) fined cryptocurrency exchange Bittrex a total of $53 million for violating federal sanctions. Bittrex will pay $29.8 million of the fine under the agreement.
In the announcement published on the official website of the US Treasury Department, Bittrex FinCEN and OFAC by In the Bank Secrecy Act (SAR), in anti-money-money procedures (AML) and in the company’s annual reports detected violations respectively due to 24 and 29 million in total over $ 53 million dollarssanctions were announced.
According to the information given, the stock market 2014 to 2017 between the years Iran, Cuba, Sudan and Crimea in areas sanctioned by the United States, such as 1,800 through the person’s platform 260 million worth a dollar more than 116,000 allowed the transaction.
FinCEN Director Himamauli Das In his statement on the subject, he used the following statements:
Bittrex’s AML program and SAR reporting failures have exposed the US financial system to unnecessary threats for years. Due to Bittrex’s failures, black money, sanction zones and high-risk parties could pose a threat to the financial system. In this area, virtual asset service providers should be aware that they have to fulfill their responsibilities regarding procedures and regulations. FinCEN will not hesitate to act in cases of willful breach of the BSA.
On the other hand, Bittrex a small company As a result, they are unfamiliar with the regulations and then they change their attitudes and take service from third parties in the field of compliance. that they pay attention stated.
During the investigation of the OFAC company an important collaboration that it provides a mitigating factor stated that. In this direction, within the agreement of Bittrex with OFAC,the fact that the accusations of the institution have mostly the same base penalties for $29.8 millionpayment will be sufficient.