Million

Poloniex LLC, an entity once connected to the Justin Sun-founded crypto exchange, reached a settlement agreement with the Treasury Department to pay over $7 million for alleged sanctions violations. 
&nbsp;
<ul style="margin-top: 0;margin-bottom: 0">
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
As <a style="text-decoration: none" href="https://ofac.treasury.gov/recent-actions/20230501_33" data-wpel-link="external" target="_blank">announced</a> by the Office of Foreign Assets Control on Monday,  Poloniex agreed to pay $7,591,630 for violating sanctions against Crimea, Cuba, Iran, Sudan, and Syria between January 2014 and November 2019. 
</li>
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
The exchange had apparently allowed customers in such jurisdictions to engage in digital asset transactions – including trades, deposits, and withdrawals – with assets totaling $15,335,349.
</li>
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
These occurred despite Poloniex having reason to know the locations of these customers, including Know Your Customer (KYC) information and IP addresses. 
</li>
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
“Poloniex conveyed economic benefit to 232 persons in several jurisdictions subject to OFAC sanctions and thereby harmed the integrity of multiple OFAC sanctions programs,” read a <a style="text-decoration: none" href="https://ofac.treasury.gov/media/931701/download?inline" data-wpel-link="external" target="_blank">Treasury document</a>.
</li>
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
The Department recognized that Poloniex made efforts to restrict accounts connected to these jurisdictions as part of its compliance program, but some users in those regions still managed to use the platform. 
</li>
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
It also noted multiple mitigating factors, including that Poloniex was a small startup at the time of the violations, and that the violations represented a tiny fraction of the exchange’s total volume. 
</li>
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
Aside from centralized exchanges, the Treasury Department published a report last month <a style="text-decoration: none" href="https://cryptopotato.com/treasury-department-deems-decentralized-finance-a-national-security-threat/" data-wpel-link="internal">labeling</a> decentralized finance as a national security threat for its potential use in money laundering and sanctions violation. 
</li>
<li dir="ltr" style="list-style-type: disc;font-size: 12pt;font-family: Arial;color: #000000;background-color: transparent;font-weight: 400;font-style: normal;font-variant: normal;text-decoration: none;vertical-align: baseline">
In August 2021, Poloniex <a style="text-decoration: none" href="https://cryptopotato.com/poloniex-agrees-to-pay-over-10m-in-fines-to-the-sec-for-running-unregistered-crypto-exchange/" data-wpel-link="internal">agreed</a> to pay a $10 million fine to the Securities and Exchange Commission for running an unregistered cryptocurrency exchange. 
</li>
</ul>
The post <a href="https://cryptopotato.com/poloniex-pays-7-6-million-fine-for-alleged-sanctions-violation/" rel="nofollow">Poloniex Pays $7.6 Million Fine for Alleged Sanctions Violation</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Poloniex Pays $7.6 Million Fine for Alleged Sanctions Violation

CryptoPotato_News

2023년 5월 2일에 게재된 다른 기사

ByBit Launches Internal Cryptocurrency Lending Service for Users

On-Chain Data Shows a Declining Amount of $1M+ BTC Transactions

Why is Crypto Marketing So Difficult?

Discover SuperDapp AI in our Syscoin Weekly Update XXI.

Charlie Lee Reveals He is Bullish on Crypto

Dubai Crypto Market Takes Step Forward as BitOasis Receives First Broker-Dealer MVP Operational L...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!