{"id":68431,"date":"2022-10-11T19:39:45","date_gmt":"2022-10-11T16:39:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68431"},"modified":"2025-09-07T14:04:39","modified_gmt":"2025-09-07T11:04:39","slug":"bitcoin-exchange-bittrex-fined-29-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-exchange-bittrex-fined-29-million\/","title":{"rendered":"Bitcoin exchange Bittrex fined $29 million"},"content":{"rendered":"<p>OFAC <span data-descr=\"United States Financial Crimes Enforcement Network\" class=\"old_tooltip\">FinCEN<\/span> fined the cryptocurrency exchange Bittrex $29 million for repeated violations of sanctions policies and <span data-descr=\"Know Your Customer policy\" class=\"old_tooltip\">AML<\/span> procedures. According to the <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy1006\">press release<\/a>.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBittrex failed to prevent individuals evidently located in Crimea, Cuba, Iran, Sudan and Syria from using the platform to conduct virtual-currency transactions totaling $263,451,600.13 between March 2014 and December 2017,\u201d the U.S. Treasury&#8217;s website says.<\/p>\n<\/blockquote>\n<p>Officials emphasized that the sanctions regime prohibits U.S. persons from transacting with these jurisdictions. In doing so, Bittrex did not verify the information and did not report suspicious activity.<\/p>\n<p>OFAC Director Andrea Gacki noted the following:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cGlobal cryptocurrency exchanges must understand who their customers are and where they are located.\u201d<\/p>\n<\/blockquote>\n<p>As of writing, <a href=\"https:\/\/www.coingecko.com\/en\/exchanges\">Bittrex ranks 77th by daily trading volume<\/a> ($15.2 million) in CoinGecko&#8217;s ranking.<\/p>\n<p>In February 2021, OFAC <a href=\"https:\/\/forklog.com\/en\/news\/bitpay-fined-over-500000-for-sanctions-violations-involving-crimea-north-korea-and-iran\">fined<\/a> the payment-processing service BitPay more than $500,000 for operations involving Crimea, North Korea and Iran.<\/p>\n<p>Back in August 2022, OFAC <a href=\"https:\/\/forklog.com\/en\/news\/us-sanctions-tornado-cash-the-ethereum-mixer\">added<\/a> the Tornado Cash site to the sanctions list, as well as related 39 Ethereum addresses and 6 USDC addresses, for suspected laundering of more than $7 billion.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>OFAC and FinCEN fined the cryptocurrency exchange Bittrex $29 million.<\/p>\n","protected":false},"author":1,"featured_media":68432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Bittrex fined $29 million by OFAC and FinCEN.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[720,1166,269,1304,1490],"class_list":["post-68431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bittrex","tag-centralized-exchanges-cex","tag-fincen","tag-fines","tag-us-treasury"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"Bittrex fined $29 million by OFAC and FinCEN.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=68431"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68431\/revisions"}],"predecessor-version":[{"id":68433,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/68431\/revisions\/68433"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/68432"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=68431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=68431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=68431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}