Cryptocurrency and bitcoin exchange Bittrex will pay $30 million to the US Treasury Department for its illegal actions in 2014 and 2017.
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and FinCEN announced today the agreements reached on a series of investigations.
According to the agreement, Bittrex will pay a fine of $ 30 million. Bittrex mediated 1800 people living in countries sanctioned by OFAC in 2014 and 2017, such as Iran, Cuba, Sudan, Syria and Crimea, to process 116,000 transactions worth approximately $260 million through the platform.
According to US law, it is prohibited to provide services to countries on OFAC’s sanctions list and to persons in those countries.
OFAC also noted that Bittrex has taken remedial measures to correct these issues.
In the statement made by Bittrex, it was stated that measures were taken to increase regulatory compliance and necessary improvements were made.
The fact that OFAC was a small company at the time the sanctions were circumvented and its approach during the investigation were considered mitigating factors. With these factors, the final penalty decreased to the level of 24 million dollars.
FinCEN fined Bittrex $29.8 million for not reporting certain transactions correctly.
FinCEN’s penalty is due to the incorrect filing of 200 transactions with more than $140,000 and 22 transactions with more than $1 million.
The penalties of both OFAC and FinCEN were combined and Bittrex was freed with a total fine of close to $30 million.
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