The US Department of the Treasury's Office of Foreign Assets Control (OFAC) alongside Financial Crimes Enforcement Network (FinCEN) have fined Bittrex $24 million and $29 million, respectively.
According to the regulators, the cryptocurrency exchange failed to meet requirements of multiple sanctions programs and violated the Bank Secrecy Act. The Treasury says that Bittrex failed to prevent traders from sanctioned regions from using its platform to engage in approximately $263.4 million worth of crypto trades between 2014 and 2017 even though it knew about these customers based on their IPs.
Bittrex has agreed to pay $24.2 million to OFAC to settle its potential civil liability for 116,421 apparent violations of multiple sanctions programs and $29.2 million for violating the BSA's requirements.
