The cryptocurrency exchange platform Poloniex has agreed to pay a $7.59 million fine to settle with the U.S. Department of the Treasury

ChainCatcher news reports that the sanctions regulator has stated that Poloniex LLC, a U.S. entity previously affiliated with the Poloniex cryptocurrency exchange, will pay $7.59 million to settle allegations of violations of sanctions by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC).

In a press release, OFAC stated that between January 2014 and November 2019, the platform had nearly 66,000 violations of various sanctions programs, allowing customers from sanctioned jurisdictions such as Crimea, Cuba, Iran, Sudan, and Syria to conduct transactions totaling up to $15 million. (CoinDesk)