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

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

Free Trial

Register for free to keep reading.

To continue reading this article and unlock full access to GRIP, register now. You’ll enjoy free access to all content until our subscription service launches in early 2026.

  • Unlimited access to industry insights
  • Stay on top of key rules and regulatory changes with our Rules Navigator
  • Ad-free experience with no distractions
  • Regular podcasts from trusted external experts
  • Fresh compliance and regulatory content every day
Register for free Already a member? Sign in