This enforcement action, similar to other recent cases involving online digital asset companies, emphasizes the importance for new companies and those involved in emerging technologies to incorporate sanctions compliance into their business functions at the outset, especially when the companies seek to offer financial services to a global customer base.<\/p>Office of Foreign Assets Control<\/cite><\/blockquote>\n\n\n\nOFAC acknowledged that while the alleged violations were not voluntarily self-disclosed they were non-egregious. OFAC agency stated that under its Economic Sanctions Enforcement Guidelines, the penalty imposed on the crypto exchange would be over $99 million and that the final settlement amount was indicative of the agency\u2019s consideration of the general factors under the enforcement guidelines. The agency also took into consideration the fact that Poloniex was a small startup at the time of the alleged violations. <\/p>\n","protected":false},"excerpt":{"rendered":"
Crypto exchange Poloniex has agreed to pay a $7.6 million penalty to the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) to settle charges related to the alleged violation of multiple sanctions programs.<\/p>\n","protected":false},"author":62,"featured_media":582007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,22,2,26],"tags":[7229,108021,5208,108880],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582005"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=582005"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582005\/revisions"}],"predecessor-version":[{"id":582008,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/582005\/revisions\/582008"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/582007"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=582005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=582005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=582005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}