Exchange Bittrex, Fined for Violating Economic Sanctions

By Alan Coelho | News and Crypto | 12 Oct 2022

A complaint filed by the US Depository Office against the intermediary for allowing individuals from nations with economic sanctions to use the platform to carry out operations became public on Tuesday (11).


As per controllers, Bittrex permitted 1,800 individuals in no authorized purviews, Iran, Cuba, Sudan, Syria and Crimea to complete in excess of 116,000 exchanges on its foundation somewhere in the range of 2014 and 2017. around US$ 260 million.

Previously, the brokerage had its services used in Brazil by the "Pharaoh of Bitcoin" Glaidson Acácio dos Santos, who had a monetary fraudulent business model and utilized the exchange to move cash from his frauds.

This process, which to date may be the largest fine ever for the Crypto sector, in addition to representing industry oversight actions by OFAC in conjunction with the Financial Crimes Enforcement Network (FinCEN).


“When virtual currency firms fail to implement effective sanctions compliance controls, including screening customers located in sanctioned jurisdictions, they can become a vehicle for illicit actors that threaten U.S national security,” OFAC Director Andrea Gacki said in Tuesday’s statement.

The exchange is known to have agreed to pay fines amounting to $29.2 million to put an end to the process and pledged to take steps to better comply with sanctions imposed by the US government.

Founded in 2014 in Seattle, Washington by cybersecurity engineers Bill Shihara, Richie Lai, and Rami Kawach, Bittrex was known for trading nearly every currency on its platform. That changed when the entry ran afoul of New York State in April 2019, when it lost its license to sell “cryptocurrency” in the state.

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Alan Coelho
Alan Coelho

Portuguese :Analista de Infraestruturas IT, especialista em gravação e gestão de ativos informaticos. Escritor e redator desde 2020, transformando ideias em palavras. English : IT Infrastructure Analyst, specialist in recording and management of computer

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