Crimea Archives - Corruption, Crime & Compliance

Cryptocurrency Firm, Poloniex, Reaches Settlement with OFAC and Pays $7.5 Million for Sanctions Violations

Uncategorized

5 May, 2023

Cryptocurrency Firm, Poloniex, Reaches Settlement with OFAC and Pays $7.5 Million for Sanctions Violations

The cryptocurrency industry has a target on its back – and perhaps justifiably so. The SEC, CFTC and OFAC have been bringing a number of regulatory enforcement actions, including against Bittrex, Inc. ($24,280,829.20 in settlements with OFAC and FinCEN) and Payward, Inc. d/b/a Kraken ($362,158 settlement with OFAC). Yet, the cryptocurrency has lots to worry about when it comes to compliance – fraud, cybersecurity, and...

General

22 Feb, 2022

United States Announces Initial Sanctions in Response to Russia’s Invasion of Two Ukraine Regions

In response to Russia’s invasion of Ukraine territories, the so-called Donetsk and Luhansk People’s Republics, respectively, (hereinafter “DNR” and “LNR”), yesterday, on February 21, 2022, President Biden issued a new Executive Order targeting the DNR and LNR regions of Ukraine with comprehensive sanctions.[1] In practical effect, the new sanctions impose an embargo similar to that imposed against the Region of Crimea after Russia annexed the...