Poloniex coughs up $7.6M – settles with US authorities after failing to screen users from sanctioned countries.
against Crimea, Cuba, Iran, Sudan and Syria. According to the government department, Poloniex allowed users in the sanctioned jurisdictions to conduct more than $15 million worth of digital asset trades, deposits and withdrawals between January 2014 and November 2019.
According to OFAC, Poloniex did not retroactively screen users who had registered at the exchange between when it launched in January 2014 and once it established a sanctions compliance program in May 2015, leading to the apparent violations. It said Poloniex’s violations were not “voluntarily self-disclosed” nor “egregious.”
“Although Poloniex made efforts to identify and restrict accounts with a nexus to Iran, Cuba, Sudan, Crimea, and Syria pursuant to its compliance program, certain customers apparently located in these jurisdictions continued to use Poloniex’s platform to engage in online digital asset-related transactions,” said the notice.
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