Crypto exchange Poloniex to pay $7.6M in OFAC sanctions case
By 
Adrianne Appel2023-05-02T16:15:00
Cryptocurrency exchange Poloniex agreed to pay nearly $7.6 million after engaging with more than 200 customers across a handful of sanctioned regions, the Treasury Department’s Office of Foreign Assets Control (OFAC) announced.
Between July 2015 and September 2019, deficiencies in Poloniex’s compliance protocols played part in the company processing nearly 66,000 online digital asset-related transactions by customers in then-sanctioned jurisdictions, including the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria, said OFAC in its enforcement release published Monday. The combined value of the transactions surpassed $15 million, according to the regulator.
OFAC said Poloniex conducted this business despite having reason to know the locations of its customers. The relevant sanctions against Sudan have since been lifted.
THIS IS MEMBERS-ONLY CONTENT
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
Related articles
-
News BriefEx-Paxful co-founder pleads guilty to violating BSA/AML regulations
The co-founder and former chief technology officer of crypto peer-to-peer network Paxful faces charges related to violating the anti-money laundering requirements of the Bank Secrecy Act.
-
News BriefCoinList to pay $1.2M to settle Crimea sanctions violations
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Office of Foreign Assets Control that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
-
News BriefDaVinci Payments to pay $206K over OFAC sanctions lapses
DaVinci Payments, a financial services firm which manages prepaid reward card programs, agreed to pay approximately $206,000 as part of a settlement with the Office of Foreign Assets Control addressing alleged sanctions violations across four countries.
More from Regulatory Enforcement
-
News BriefFTC sues Uber over deceptive subscriptions, a rare move for consumers by Trump officials
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
-
News BriefCFPB pullback signals further shift toward industry-friendly regulation
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
-
News BriefTrump’s CFPB, dismissing Comerica case, continues to cut down Biden-era lawsuits
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.