Bittrex fine

U.S. Treasury Fines Bittrex $53 Million

12.10.2022 08:51 (Updated 12.10.2022 09:10)
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by Gabriel Cross
1 min read

The U.S. Treasury Department has fined the crypto exchange Bittrex based in Washington for a total of $53 million – the largest crypto fine issued by this institution so far.

According to the Treasury, Bittrex has violated the U.S. sanction restrictions by allowing users from Cuba, Iran, Sudan, Syria, and Ukraine’s Crimea region to use the exchange between 2014 and 2017, which has involved more than $260 million in transactions.

In addition, Bittrex presented a security threat as it failed to implement anti-money laundering measures. The crypto exchange will need to pay two $24 million and $29 million in two separate fines.

The U.S. Treasury is taking crypto crime-fighting rather seriously these days. In August, the government entity banned U.S. residents from using the crypto mixing app Tornado Cash, also because the company didn’t do anything to prevent money laundering through its service.

Author

  • Gabriel Cross used to be a bank officer for an international bank for many years. From this point of view, he says the time spent obtaining a degree in economics was a waste of time. A few years back, he decided to quit his job and start trading. He is obsessed with decentralized finance, but he often plays with the stock market, investing with great pleasure into ground-breaking tech solution startups.

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