Poloniex has agreed to pay $7.6 million to the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) to settle allegations of various sanctions violations.
According to OFAC, Poloniex allowed customers in sanctioned countries to transact more than $15.3 million of digital currencies via nearly 66,000 transactions between January 2014 and November 2019.
The regulator said Poloniex had sufficient KYC and IP address data to know about the violations, and yet it did not start blocking prohibited IP addresses until 2017.
Despite this, Poloniex remains a popular exchange with a moderate trading volume, having handled $59 million in trading volume over the past 24 hours.
