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.
