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On October 11, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced a $29 million civil monetary penalty against Bittrex, a major U.S. cryptocurrency exchange, as part of a global settlement with FinCEN and OFAC related to Bittrex’s alleged historic violations of the Bank Secrecy Act (BSA), FinCEN anti-money laundering (AML) regulations, and “apparent violations of multiple sanctions programs.” Simultaneous with the announcement, FinCEN published a Consent Order and OFAC published an Enforcement Release describing the alleged violations and terms of the settlements.

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<a href="https://www.bakerlaw.com/alerts/major-us-crypto-exchange-consents-29-million-penalty-historic-bsa-ofac-violations" target="_blank" rel="noreferrer noopener">Read full alert.</a>

Chicago

Partner

Robert A. Musiala Jr.

New York

Keith R. Murphy

Joanna F. Wasick

Major U.S. Crypto Exchange Consents to $29 Million Penalty for Historic BSA and OFAC Violations Body