US Treasury’s OFAC and FinCEN announce $29M in enforcement actions again Bittrex
Bittrex agreed to pay more than $29 million in a settlement with FinCEN, but the regulator said it will credit a $24-million payment “to settle its potential liability with OFAC.” The United States Department of the Treasury’s Office of Foreign Assets Control and Financial Crimes Enforcement Network took enforcement actions against crypto exchange Bittex for allegedly violating sanctions programs as well as reporting requirements under the Bank Secrecy Act, or BSA.In an Oct. 11 announcement, the U.S. Treasury said Bittrex had agreed to a more than $24-million settlement with OFAC for....
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Treasury’s Foreign Asset Control (OFAC) and Financial Crime Enforcement Network (FinCEN) have set charges against the Bittrex crypto exchange for violating anti-money laundering rules and the other U.S. sanction programs. Washington-based crypto exchange agreed to pay two fines of $29 million and $24 million to OFAC and FinCEN, respectively. Cryptocurrency growing issues like money laundering […]
On October 11, the U.S. Treasury department’s Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) announced that it has settled charges with the cryptocurrency exchange Bittrex. The crypto exchange was accused of sanctions violations and failure to “implement effective sanctions compliance controls” between March 2014 and December 2017. Crypto Exchange Bittrex Charged With US Sanctions Violations, Washington State Trading Platform Agrees to Settle The Washington State-based crypto asset exchange Bittrex has been charged by FinCEN and OFAC over....
The Office of Foreign Asset Control (OFAC) has added three ethereum addresses to its Specially Designated Nationals And Blocked Persons List (SDN). OFAC alleges the ether addresses are controlled by the Lazarus Group, a cybercrime group that is associated with North Korea. Lazarus Group Behind Axie Infinity Heist The U.S. Treasury Department’s OFAC has added three ethereum addresses that are allegedly associated linked with the Lazarus Group cybercrime syndicate to its SDN list. The addition of the addresses comes a few weeks after U.S. authorities accused the Lazarus Group and....
The rapid growth of cryptocurrencies in recent years has resulted in a number of law enforcement actions by several U. S. government agencies. These actions demonstrate U. S. regulators' interest in investigating fraud and other activities, according to Latham & Watkins, a Los Angeles-based, U. S. law firm. To give the cryptocurrency industry an overview of what agencies are taking action and provide insight into how to meet the various regulations, the law firm has released a report, "Enforcement Trends in Cryptocurrency." "No doubt, in the coming years, cyptocurrencies will face....
The Minnesota Republican highlighted the practical issues that could allegedly arise from the placement of smart contract addresses on the SDN list in a series of pointed questions. United States Congressman Tom Emmer sent a four-page letter to Treasury Secretary Janet Yellen on Tuesday regarding the Treasury Department’s sanctioning of cryptocurrency mixer Tornado Cash on Aug. 8. In his letter, Emmer posed a series of questions that seek to clarify the position of the Treasury Department’s Office of Foreign Assets Control (OFAC).Emmer said that OFAC, acting under Executive Order 13694 to....