‘Matters Relate To Bittrex Inc, Not Bittrex Global’

October 12, 2022 | 0 Comments

The  legal matters being reported by overseas media “relate to Bittrex, Inc. and not to Bittrex Global,” the company said today, noting that “Bittrex Global is legally and operationally distinct from Bittrex, Inc” adding that “none of the allegations involve or relate to Bittrex Global.”

This follows after it was reported that, “The cryptocurrency exchange Bittrex was fined $24 million for breaking U.S. sanctions, the Treasury Department announced on Tuesday, the largest penalty the government has imposed on a crypto business for violating sanctions. Between 2014 and 2017, Bittrex allowed customers in Cuba, Iran, Sudan, Syria and the Crimea region of Ukraine to make virtual currency transactions worth more than $263 million, according to the Treasury Department. The company, which is based in Bellevue, Wash., was fined an additional $5 million for breaking rules designed to prevent money laundering and other financial crimes, the government said.”

A spokesperson said, “Bittrex Global is aware of the media coverage yesterday of the settlement in the US between Bittrex, Inc., a US entity, and OFAC/FinCEN.

“For the avoidance of doubt, these matters relate to Bittrex, Inc., and not to Bittrex Global. Bittrex Global is legally and operationally distinct from Bittrex, Inc.. Bittrex Global [Bermuda] Ltd is fully compliant with its legal and regulatory obligations as a business licensed and supervised by the Bermuda Monetary Authority.

“Bittrex Global had not been established during the period in question. None of the allegations involve or relate to Bittrex Global, and Bittrex Global has not been involved in the discussions with FinCEN or OFAC at any level.”

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