Bittrex was fined $29 million for sanctions violations

Platform accused of years of violating user and jurisdiction vetting requirements

Bittrex was fined $29 million for sanctions violations

The U.S. Treasury Department fined cryptocurrency exchange Bittrex $29 million for a multi-year sanctions violation. The platform allegedly facilitated over $263 million in sanctioned transactions between 2014 and 2017.

Bittrex was accused of not having a program to verify customer jurisdictions until late 2017, despite blocking sanctioned users, and not filing suspicious activity reports with supervisors.

The centralized U.S. exchange Bittrex was founded in 2014. It currently ranks 75th in terms of daily trading volume ($15.6 million). The platform agreed to pay $29.2 million as part of its liability settlement agreement. The fine is for willful violations of the anti-money laundering program, according to the article.

In early August, New York authorities fined cryptoplatform Robinhood $30 million. The state’s financial regulator said the company failed to enforce anti-money laundering measures and maintain cybersecurity measures.

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