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...

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 “116,421 apparent violations of multiple sanctions programs.” According to the regulators from the U.S. Treasury department, the violations stemmed from transactions that were from “persons apparently located in the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria.” U.S. officials say that the transactions added up to $263.45 million worth of crypto...