US Penalty of $ 7.6 Million to Justin Sun’s Cryptocurrency Exchange

Poloniex, the US-based cryptocurrency exchange owned by Justin Sun, will pay a $ 7.6 million fine for violating sanctions.

US Office of Foreign Assets Control (OFAC) In the statement made by the company on Monday, May 1, Poloniex’s previous sanctions violations were included. In the statement, PoloniexTo resolve possible legal liability for sanctions violations in line with the agreement made by OFAC $7.59 million fine stated to be paid.

According to the records, Poloniex January 2014Although it started operating in May 2015It did not have a sanctions compliance program until . At this point, early Poloniex users accessing from US-sanctioned regions are the ones that become active after 2015. KYC (Know Your Customer) were not included in the process and these users continued their transactions without legal compliance.

OFAC approximates Poloniex’s various enforcement programs 66,000 violations while emphasizing that Crimea, Cuba, Iranian, Sudan And Syriacustomers from January 2014 to November 2019 between KYC without up to $15 million He stated that he allowed them to take action:

Although Poloniex has made efforts to identify and restrict accounts linked to Iran, Cuba, Sudan, Crimea, and Syria under its compliance program, some customers apparently in these jurisdictions continued to use Poloniex’s platform for cryptocurrency transactions.

currently Huobi’s advisor And of TRON founder Owned by Justin Sun Poloniex, 2018-2020 stablecoin issuer between years Circle was managed by In the details of the statement made, it was stated that Polonex had a small at the start-up level and that constructive steps have been taken regarding legal obligations, especially while under Circle’s management.

OFAC acknowledges that it sees these harmonization efforts and the sentence was commuted accordingly. stated. In the records, it was pointed out that both Circle and Poloniex cooperated with OFAC, which is another point in favor of the exchange.

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