The trading platform allegedly allowed users in sanctioned regions to generate more than $15 million in volume over a period of about 6 years.
Today, Poloniex and the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury announced a settlement. To resolve its potential civil liability for alleged violations of the sanctions imposed on the Crimea, Cuba, Iran, Sudan, and Syria, Poloniex agreed to pay $7,591,630.
Despite having reason to know customers’ locations based on both Know Your Customer information and internet protocol address data between January 2014 and November 2019, the Poloniex trading platform permitted customers who appeared to be in sanctioned jurisdictions to engage in online digital asset-related transactions (trades, deposits, and withdrawals) with a combined value of $15,335,349 between those dates.
