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Poloniex, virtual currency, and the need for strong sanctions compliance regimes

Photo: Getty Images

Julie DiMauro

3 min read
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Serious shortcomings in compliance and internal controls meant that customers in sanctioned jurisdictions were permitted to use the platform to trade.

In the ever-active sanctions enforcement space comes a new development: Cryptocurrency exchange Poloniex LLC agreed to pay about $7.59m to settle allegations it allowed users in sanctioned regions to trade digital assets on its platform.

The US Treasury Department’s Office of Foreign Asset Control (OFAC) announced its settlement agreement

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