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.
Crypto Ping Pong Digest
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