Bittrex has reached a settlement agreement with the U.S. Department of the Treasury totaling over $29 million

2022-10-12 07:37:29

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ChainCatcher News, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) announced a settlement agreement with cryptocurrency exchange Bittrex totaling over $29 million.

It is reported that Bittrex lacked sanctions control measures from 2014 to 2017, willfully violating the BSA's anti-money laundering (AML) program and SAR requirements, facilitating $263,451,600.13 in sanctioned transactions. FinCEN's investigation found that from February 2014 to December 2018, Bittrex failed to maintain an effective anti-money laundering program, leading to significant risks of illegal financing.

According to the official statement, Bittrex has agreed to pay $29,280,829.20 for its willful violations of the BSA's anti-money laundering program and SAR requirements. Of this, Bittrex has agreed to pay OFAC $24,280,829.20 to settle potential civil liabilities for violating multiple sanctions regulations. (The Block)

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Bittrex regulation OFAC

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