Crypto Exchange Poloniex to Pay $7.6M Fine for Sanctions Violations Verch
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Cryptocurrency exchange Poloniex owned by Justin Sun will pay a $7,591,630 fine for violating sanctions against Crimea, Cuba, Iran, Sudan, and Syria.

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The US Department of the Treasury's Office of Foreign Assets Control (OFAC) said in a press release on Monday that Poloniex allowed customers located in sanctioned jurisdictions between January 2014 and November 2019 to deposit and withdraw crypto with a combined value of $15.3 million.

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OFAC says Poloniex knew about the location of their 232 persons from sanctioned jurisdictions based on their KYC information and internet protocol address data. The regulator noted Poloniex implemented sanctions controls regarding "customers from the Crimea region of Ukraine only in August 2017."

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