The US Treasury Department’s Office of Foreign Assets Control (OFAC) announced that the exchange The cryptocurrency “Poloniex” has agreed to pay $7.6 million in fines related to more than 65,000 violations of multiple sanctions programs.
In an announcement on May 1, OFAC said$7.6 million will be used to settle Poloniex’s civil lawsuit for theaccused of violating US sanctionsAgainst Crimea, Cuba, Iran, Sudan, and Syria, which, according to government reports, Poloniex allowed users in sanctioned countries to process more than $15 million worth of digital assets, deposits and withdrawals, between January 2014 and November 2019.
According to OFAC, Poloniex did not retrospectively screen users who registered on the exchange between its launch in January 2014 and when it established its sanctions compliance program in May 2015, leading to the obvious violations
“While Poloniex endeavors to identify and restrict accounts with access points to Iran, Cuba, Sudan, Crimea and Syria in accordance with its compliance program, “Despite this, some customers who are apparently located in these countries can still use Poloniex’s platform to engage in digital content online in connection with the transaction,” the announcement reads.
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