US VIRTUAL CURRENCY EXCHANGE AGREES TO SETTLE VIOLATIONS OF SANCTIONS AND AML OBLIGATIONS

On 11 October, OFAC announced a settlement with Bittrex Inc, a private company based in Bellevue, Washington State, that provides an online virtual currency exchange and hosted wallet services.  Bittrex agreed to remit $24,280,829.20 to settle its potential civil liability for apparent violations of sanctions against Cuba, Ukraine-related, Iran, Sudan, and Syria, due to deficiencies in its compliance systems.

https://home.treasury.gov/policy-issues/financial-sanctions/recent-actions/20221011

https://home.treasury.gov/system/files/126/20221011_bittrex.pdf

https://home.kpmg/us/en/home/insights/2022/10/tnf-us-virtual-currency-exchange-settle-violations-sanctions-anti-money-laundering-obligations.html

https://www.fincen.gov/sites/default/files/enforcement_action/2022-10-11/Bittrex%20Consent%20Order%2010.11.2022.pdf

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