Reported by: Nancy J. Allen

Bittrex, a cryptocurrency exchange, agreed to pay just under $30 million in fines and keep a closer eye on its compliance program as part of a settlement with the United States Treasury Department over allegations that it had accidentally violated federal sanctions.

The settlements were made public on Tuesday by the Financial Crimes Enforcement Network (FinCEN), the watchdog for the Treasury’s money laundering, and the Office of Foreign Assets Control (OFAC), the federal government’s sanctions enforcer.

OFAC stated that Bittrex has already remedied these issues in addition to the monetary sanctions. The settlement says that between 2014 and the end of 2017, Bittrex let around 1,800 people in sanctioned countries like Iran, Cuba, Sudan, Syria, and Crimea use its platform to do more than 116,000 transactions worth about $260 million.

Read full report: https://www.thecoinrepublic.com/2022/10/16/bittrex-to-pay-30m-in-us-treasury-sanctions-for-settlement/