Polonony pays a fine of $ 7.6 million due to alleged violation of sanctions

Polonony pays a fine of $ 7.6 million due to alleged violation of sanctions

Poloniex LLC, a company that was once connected to the crypto exchange founded by Justin Sun, has made a comparison agreement with the finance ministry to pay over $ 7 million for alleged losses in sanctions.

• as announced PolonieX, on Monday by the Office of Foreign Assets Control, agreed to pay $ 7,591,630 for the violation of sanctions against Crimea, Cuba, Iran, Sudan and Syria.

• The stock exchange apparently enabled customers in such jurisdiction to carry out transactions with digital assets-including trading, deposits and withdrawals-with assets of a total of 15,335.349 $

• These occurred, although Polonieex had reason to know the locations of these customers, including know your customer (kyc) information and IP addresses.

• " Poloniex has 232 people in several jurisdiction that is subject to OFAC sanctions, and thus impairs the integrity of several OFAC sanction programs ", according to A treasureD. Style = "Font-Size: 12pt; Font-Family: Arial; Color: #000000; Background-Color: Transparent; Font Weight: 400; FONT-Style: Normal; Font-Variant: Norm; Text Decoration: None; Vertical-Align: Baseline>

• The ministry recognized that Poloniex has made efforts as part of its compliance program in connection with these jurisdiction, but some users in these regions were nevertheless used to use the platform.

• Several mitigating factors were also found, including that Polonex was a small startup at the time of the violations and that the violations only made a tiny fraction of the total volume of the stock exchange.

• Apart from centralized stock exchanges, the finance ministry published a report lettering Decentralized finances as a national security threat to your potential use in money laundering and sanctions.

• in August 2021 Polonieex agree to pay a fine of $ 10 million to the securities and Exchange Commission for the operation of an unregistered cryptocurrency exchange.

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