Poloniex Settles Sanctions Violations for $7.6 Million

Back

Poloniex LLC will pay $7.59 million to settle sanctions violations allegations by the U.S. Treasury Department's Office of Foreign Asset Control (OFAC). The crypto exchange was accused of 66,000 violations, allowing customers from sanctioned jurisdictions to trade up to $15 million from 2014 to 2019. Poloniex implemented a sanctions compliance program in 2015, but it wasn't retroactive, enabling existing customers from sanctioned countries to continue trading. Mitigating factors in determining the penalty included Poloniex's startup status and Circle's improvements to the compliance program.
 

To find out more: https://www.coindesk.com/policy/2023/05/01/crypto-exchange-poloniex-agrees-to-76m-fine-settle-sanctions-violation-charges/