The Office of Foreign Assets Control (OFAC) fines Bittrex, Inc. $24 Million for Apparent Violations of Multiple Sanctions Programs

On October 11th, 2022, The U.S. Treasury Department, The Office of Foreign Assets Control (OFAC), announced that Bittrex, Inc. (“Bittrex”), a private company based in Bellevue, Washington, that provides an online virtual currency exchange and hosted wallet services has agreed to pay $24,280,829.20 to settle its potential civil liability for 116,421 apparent violations of multiple sanctions programs. Bittrex failed to prevent individuals apparently located in the Crimea region of Ukraine, Cuba, Iran, Sudan, and Syria from using its platform to engage in approximately $263,451,600 worth of virtual currency-related transactions. The applicable sanctions programs generally prohibited United States persons from engaging in transactions with these jurisdictions.

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