Poloniex to Remit $7.6M Over Apparent Sanctions Violations

Poloniex agreed to remit $7.6 million to settle potential civil liability for apparent violations of sanctions, the US Treasury Department’s Office of Foreign Assets Control says in a statement.

• The Poloniex trading platform allowed customers apparently located in sanctioned jurisdictions to engage in online digital asset-related transactions between January 2014 and November 2019, OFAC says
  • They were potential violations of sanctions against Crimea, Cuba, Iran, Sudan, and Syria: OFAC
• The settlement amount reflects OFAC’s determination that Poloniex’s apparent violations were not voluntarily self-disclosed and were not egregious, OFAC says
• NOTE: SEC Says Poloniex Agrees to Pay $10 Million to ...