United States of America: Issued Settlement Agreement between OFAC and Poloniex for apparent violations of sanctions against Crimea, Cuba, Iran, Sudan and Syria

On 1 May 2023, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury reached a settlement agreement with Poloniex, an online trading and settlement platform, in its investigation over the company’s apparent violations of US sanctions against Crimea, Cuba, Iran, Sudan and Syria. In particular, the apparent violations included processing 65,942 online digital asset-related transactions for 232 customers apparently located in sanctioned jurisdictions, predominantly in Crimea. Poloniex has agreed to pay USD 7’591’630 to settle its potential civil liability for apparent violations of multiple sanctions programs.