US Treasury fines crypto exchange Bittrex for $29 million
According to the regulator’s charge, the platform facilitated $263 million in illegal transactions
12.10.2022 - 07:30
369
2 min
0
What’s new? The Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN), part of the US Treasury Department, have fined crypto exchange Bittrex $29 million for sanctions violations from 2014 to 2017. According to the regulator’s report, the platform allegedly facilitated $263,45 million in illegal transactions. According to The Block, OFAC director Andrea Gacki said that international exchanges “should understand both who — and where — their customers are.”
What else did the regulator add? Despite blocking sanctioned individuals, the firm did not have a program to verify users and their jurisdictions until late 2017. That said, Bittrex did not file any suspicious activity reports to FinCEN until May of the same year.
Bittrex, a centralized crypto exchange, was launched in the United States in 2014. As of October 12, its daily trading volume is $14,2 million. The platform hosts 480 coins and 961 currency pairs.
In late August, the Treasury Department fined BitGo and BitPay platforms $98 000 and $500 000, respectively, for facilitating payments in sanctioned jurisdictions.
On October 3, the US Securities and Exchange Commission (SEC) fined American star Kim Kardashian $1,26 million for advertising the EthereumMax (EMAX) token on her Instagram. It is known that she was paid $250 000 for her post on the social network. Herewith, on the background of these events, the rate of EMAX rose by 123%. For more details on this story, see GetBlock Magazine’s article.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 542
BTC
+1.13%
-
Ethereum
$3 356.34
ETH
+7.17%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.4
XRP
+23.86%
-
Dogecoin
$0.388447
DOGE
+1.62%
-
Cardano
$0.85812
ADA
+10.28%
-
Bitcoin Cash
$488.28
BCH
-5.11%
-
Polkadot
$6.06
DOT
+7.66%
-
Stellar XLM
$0.283421
XLM
+16.23%
-
Litecoin
$90.49
LTC
+1.21%