OFAC Imposes $7.6 Million Fine on Poloniex For Violating Sanctions

• The U.S. Department of Treasury’s OFAC has imposed a $7.59 million penalty on crypto exchange Poloniex.
• Poloniex has agreed to pay the multi-million-dollar penalty to settle the violation charges.
• OFAC alleged that Poloniex violated multiple sanctions programs by allowing customers from sanctioned regions to trade.

The U.S. Department of Treasury’s Office of Foreign Assets Control (OFAC) has levied a $7.59 penalty on California-based crypto exchange Poloniex. The crypto exchange has agreed to pay the amount in order to settle the charges related to the alleged violation of multiple sanctions programs.

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