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 orders GoDaddy to upgrade cybersecurity defenses following three breaches
The Federal Trade Commission has ordered web hosting company GoDaddy to implement a “robust” information security program following at least three data breaches that the agency said were aided by lax cybersecurity measures.
-
News BriefFTC shuts down student loan firms over deceptive debt relief practices
The U.S. Federal Trade Commission (FTC) took action against a pair of student loan debt relief companies for allegedly deceiving borrowers. The move came despite the Trump administration’s broader efforts to roll back enforcement actions against businesses since taking office.
-
News BriefCoinbase faces a leftover SEC probe as crypto enforcement loses steam
After dismissing its lawsuit against the crypto exchange Coinbase in March, a second investigation into the exchange by the Securities and Exchange Commission has surfaced, according to a report from the New York Times. This comes as a bit of a surprise after the Trump administration has been scaling down ...