Chain News by Thebittimes.Com

Join Our Telegram channel to stay up to date on breaking news coverage The whole idea of cryptocurrency lies in the concept of independence and freedom. However, when it comes to regulations, there’s nothing that can aid crypto exchanges and the ecosystem in bypassing them. One such crypto exchange that has recently come under government scrutiny is Bittrex. The crypto exchange has been found guilty of violating the United States sanctions. This move resulted in the United States Treasury slapping the exchange with one of the most significant fines in history. What were the exact reasons which made the US Treasury fine Bittrex? What would be the impact of these sanctions? Let’s find out more here. Bittrex Violates U.S. Sanctions: What’s the Scenario? On Tuesday, the crypto exchange Bittrex was the face of one of the most significant fines in US history, ever implemented on a crypto exchange. According to the US Treasury, between 2014 and 2017, Bittrex enab...

Source: The US Department of the Treasury The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed a fine of about $24 million on crypto exchange Bittrex which also had to sign a $29 million settlement with the department’s Financial Crimes Enforcement Network (FinCEN). The fines are related to the exchange&rsquo ;s violations of anti-money laundering regulations and sanctions on the residents of certain countries and territories. “As a result of deficiencies related to Bittrex’s sanctions compliance procedures, Bittrex failed to prevent persons apparently located in the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria from using its platform to engage in approximately $263,451,600.13 worth of virtual currency-related transactions between March 2014 and December 2017,” the department said in a statement . The applicable sanctions programs prohibit US persons from involvement in transactions with these...