Crypto Exchange Poloniex to Pay $7.6 Million to Settle Probe Into Sanctions Violations – WSJ

Cryptocurrency exchange Poloniex LLC has agreed to pay about $7.59 million to settle allegations it allowed users in sanctioned regions to trade digital assets on its platform, the U.S. Treasury Department said.

The settlement agreement, which became public Monday, alleged that Poloniex processed digital assets transactions worth a total of more than $15.3 million for customers in sanctioned regions between 2014 and 2019, despite the platform having know-your-customer information and internet protocol address data that told them otherwise, according to the Treasury’s Office of Foreign Assets Control, which enforces U.S. economic sanctions.

Source: Crypto Exchange Poloniex to Pay $7.6 Million to Settle Probe Into Sanctions Violations – WSJ