A global cryptocurrency transaction platform was hit with a multi-million dollar U.S. penalty on Tuesday for enabling more than $500 million in suspicious transactions involving Iran, North Korea and Venezuela.

The U.S. Department of the Treasury’s financial crimes enforcement network lodged a $3.5 million assessment against Paxful for “willful violations” of the Bank Secrecy Act, which is meant to insulate the U.S. financial system from money laundering.

“For years, Paxful disregarded its BSA obligations and facilitated transactions associated with illicit activity and high-risk jurisdictions, such as Iran and North Korea,” Andrea Gacki, FinCEN’s director, stated . “FinCEN is committed to mitigating risks to the U.S. financial system while fostering responsible innovation in the virtu

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