Cryptocurrency exchange Bittrex Global, billed as the most secure digital asset exchange in the world, has taken steps to distance itself from an American company that has run afoul of US law.

The company made it clear that it has no connection to the US government’s legal settlement against the US company Bittrex, Inc.

The US Department of the Treasury’s Office of Foreign Assets Control and Financial Crimes Enforcement Network announced settlements for more than $24 million and $29 million, respectively, with Bittrex, Inc, a virtual currency exchange based in Bellevue, Washington.

But Bittrex Global is based in Bermuda and Liechtenstein under the framework of the Digital Asset Business Act in Bermuda, and within the Transactions Systems Based on Trustworthy Technologies Act in Liechtenstein.

The company said in a Hamilton datelined statement today that they were aware of the Tuesday media coverage of the settlement in the US between Bittrex, Inc, the US entity, and OFAC/Fincen.

The statement read: “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.”

In referring to the action against the American company, the US Department of the Treasury statement said: “This is OFAC’s largest virtual currency enforcement action to date. It also represents the first parallel enforcement actions by Fincen and OFAC in this space.

“Investigations by OFAC and Fincen found apparent violations of multiple sanctions programmes and wilful violations of the Bank Secrecy Act’s anti-money laundering and suspicious activity report reporting requirements.

“These enforcement actions emphasise to the virtual currency industry the importance of implementing appropriate risk-based sanctions compliance controls and meeting obligations under the BSA.

“The failure to take action can result in violations of OFAC and Fincen regulations and expose exchanges and others in the virtual currency industry to potential abuse by illicit actors.

Meanwhile, the Bermuda company, Bittrex Global (Bermuda) Ltd is fully licensed to conduct Digital Asset Business by the Bermuda Monetary Authority and is registered in Bermuda.

Bittrex Global