BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

US Treasury’s OFAC and FinCEN Announce $29M in Enforcement Actions Against Bittrex

by BlockNews Team
October 12, 2022
in Crypto, Media, Politics
A A
US Treasury’s OFAC and FinCEN Announce $29M in Enforcement Actions Against Bittrex
1
SHARES
Share on TwitterShare on Reddit

Bittrex agreed to pay more than $29 million in a settlement with FinCEN, but the regulator said it will credit a $24-million payment “to settle its potential liability with OFAC.”

The United States Department of the Treasury’s Office of Foreign Assets Control and Financial Crimes Enforcement Network took enforcement actions against crypto exchange Bittrex for allegedly violating sanctions programs and reporting requirements under the Bank Secrecy Act, or BSA.

Sanctions Violations 

In an Oct. 11 announcement, the U.S. Treasury said Bittrex had agreed to a more than $24-million settlement with OFAC for violations of “multiple sanctions programs” by failing to prevent individuals based in the Crimea region, Cuba, Iran, Sudan, and Syria from conducting roughly $263 million in crypto transactions between 2014 and 2017. According to the Treasury Department, Bittrex did not screen users based on accessible location information in the sanctioned countries using internet protocol addresses.

“When virtual currency firms fail to implement effective sanctions compliance controls, including screening customers located in sanctioned jurisdictions, they can become a vehicle for illicit actors that threaten U.S national security,” said Andrea Gacki, director of OFAC. “Virtual currency exchanges operating worldwide should understand who — and where — their customers are.”

In addition, FinCEN announced parallel enforcement actions in which Bittrex agreed to pay more than $29 million. However, the financial regulator said it will credit Bittrex’s $24-million payment “to settle its potential liability with OFAC.”

According to FinCEN, the crypto exchange “failed to maintain an effective AML program” from 2014 to 2018, “resulting in significant exposure to illicit finance” through privacy coins. The regulator further alleged that Bittrex failed to document many transactions in sanctioned jurisdictions from 2014 to 2017 through suspicious activity reports.

Acting Director of FinCEN Himamauli Das added:

“Virtual asset service providers are on notice that they must implement robust risk-based compliance programs and meet their BSA reporting requirements. FinCEN will not hesitate to act when it identifies willful violations of the BSA.”

Bittrex’s Statement 

A Bittrex spokesperson said that “none of the allegations” from FinCEN or OFAC related to the exchange’s practices after 2018. It was “pleased to have fully resolved this matter.” The company added that it “employed third-party experts and service providers” to review its compliance with sanctions and Anti-Money Laundering policies.

In December 2020, the U.S. Treasury announced a $98,830 settlement with BitGo over the digital asset custodian allowing residents of many of the same sanctioned jurisdictions — Crimea, Cuba, Iran, Sudan, and Syria — to conduct crypto transactions between 2015 and 2019. In February 2021, the government department fined BitPay $507,375 for facilitating “approximately $129,000 worth of digital currency-related transactions with BitPay’s merchant customers” in sanctioned areas. 

Conclusion

This isn’t the first-time digital asset companies have been fined for regulation violations. We now see more regulation towards the crypto space and more enforcement. Regulation is a needed step toward blockchain adoption. More regulation violations aren’t a good thing but seeing governments. 

Tags: BittrexcryptoFinCENOFAC
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

$TAO Is Back With a Vengeance: Bittensor is About to Explode and Here is Why
Crypto

$TAO Is Back With a Vengeance: Bittensor is About to Explode and Here is Why

May 9, 2025
Crypto

Everything You Need to Know About $DOOD: A New Era for Doodles and Its Ecosystem

May 9, 2025
Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next
Crypto

Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next

May 8, 2025
Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement
Crypto

Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement

May 8, 2025
Trump Say Upcoming U.S.-China Trade Negotiations May Lower 145% Tariffs: Here is Why
Finance

Trump Say Upcoming U.S.-China Trade Negotiations May Lower 145% Tariffs: Here is Why

May 8, 2025
Stellar XLM Technical Indicators Suggest Imminent Breakout: Here is What You Need to Do
Crypto

Stellar XLM Technical Indicators Suggest Imminent Breakout: Here is What You Need to Do

May 8, 2025
Load More

Related News

Hedera on the Move: Why Analysts Are Eyeing a Major $HBAR Comeback?

Hedera on the Move: Why Analysts Are Eyeing a Major $HBAR Comeback?

May 9, 2025
$TAO Is Back With a Vengeance: Bittensor is About to Explode and Here is Why

$TAO Is Back With a Vengeance: Bittensor is About to Explode and Here is Why

May 9, 2025

Everything You Need to Know About $DOOD: A New Era for Doodles and Its Ecosystem

May 9, 2025
Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next

Ethereum ETH Hits Biggest Single Day Gain Since May 2024: Here is Why $3K is Next

May 8, 2025
Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement

Analysts Predict MOG Coin Could 4x as mog/acc Trend Gains Momentum With Elon Musk Endorsement

May 8, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Newsletter
  • Advertise
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX Gary Gensler grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.