back to article Crypto exchange Bittrex coughs up $53m to end claims of US sanctions busting

Bittrex will cough up $53 million after being accused of flouting US sanctions and breaking federal money laundering laws and other banking rules. Specifically, the cryptocurrency exchange will pay $24 million to settle allegations made by the US Treasury's Office of Foreign Assets Control (OFAC), and $29 million to the …

  1. badflorist Silver badge

    Corruption all around.

    "Instead of utilizing widely available NSA backdoored transaction monitoring software..."

  2. Anonymous Coward
    Anonymous Coward

    “Did Business”


  3. Anonymous Coward
    Anonymous Coward

    Meanwhile ..

    Google Cloud now accepts crypto currencies because if there's a good rip off going, Google doesn't want to miss out.

    1. Ian Johnston Silver badge

      Re: Meanwhile ..

      Actually they accept payment in real money via an exchange who will convert your dodgy cryptobollock tokens for you.

      1. Anonymous Coward
        Anonymous Coward

        Re: Meanwhile ..

        Ah, a new place to launder your crypto coin gains. Wonderful.

  4. lglethal Silver badge

    2 people trying to review 11,000 transactions a day. Yep that will be fine...

    1. I ain't Spartacus Gold badge

      It's easy. You look for the transactions with the stripy jumper emojis...

      1. Michael Wojcik Silver badge

        Ha! My gang use the dollar-sign-bag emoji.

  5. Anonymous Coward
    Anonymous Coward

    Surprise surprise surprise

    Pay the fine/fee/bribe and nobody goes to jail. Ahh the rich life. Reminds me of a laptop once owned by an adult finger painter that took over his deceased brother's wife and daughter.

    $53M fee for $263M in dirty dealing, less that 20% tax on crime. Got to keep them profitable for the next fines\fees\taxs\bribes. Don't want to kill your cash cow. (smarter than goog)

  6. druck Silver badge

    Not a suspicious activity report but - instead of all of them

    "Bittrex's failures created exposure to high-risk counterparties including sanctioned jurisdictions, darknet markets, and ransomware attackers."

    If that isn't the entire point of a crypto exchange, what is?

  7. Mister Dubious


    It turns out the $53 million is actually only $29 million. Fines totaling the larger amount were assessed, but "FinCEN said it would credit the fine to be paid to OFAC towards the total fine they imposed, meaning Bittrex will pay $29 million in total" according to Molly White of "Web3 Is Going Just Great."

    Bittrex' owners can afford a few more beers than we'd hoped.

  8. Fifth Horseman


    Here's me thinking Bittrex was the nasty tasting purple dye added to methylated spirit to deter Glaswegians from drinking it.

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