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US Treasury, FinCEN announce $29 million settlement with virtual currency exchange over money laundering and sanctions violations

( October 11, 2022, 15:26 GMT | Official Statement) -- MLex Summary: The US Department of the Treasury’s Office of Foreign Assets Control and the Financial Crimes Enforcement Network announced settlements for a total of $29 million with Bittrex, a virtual currency exchange based in Washington state. This is OFAC’s largest virtual currency enforcement action to date. According to the Treasury's statement, from 2014 to 2018 Bittrex failed to prevent persons located in sanctioned regions from using its platform, engaging in transactions normally, and failed to maintain an effective AML program, overlooking transaction monitoring and other financial risks.Statement follows below:...

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