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Treasury’s Foreign Asset Control (OFAC) and Financial Crime Enforcement Network (FinCEN) have set charges against the Bittrex crypto exchange for violating anti-money laundering rules and the other U.S. sanction programs. Washington-based crypto exchange agreed to pay two fines of $29 million and $24 million to OFAC and FinCEN, respectively.
Cryptocurrency growing issues like money laundering and other crime-related funds transfers have become the most critical problem in the industry. And seeing the wide range of such incidents that wiped out billions of dollars, financial watchdogs have turned hawkish and alert to penalize bad actors facilitating the cybercriminals or money launderers.
The official press release of Oct 11 details that OFAC’s investigations uncovered the defendant platform had negl
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