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Crypto Exchange Kraken Settles with Treasury Department over Iran Sanctions Violations

U.S. crypto exchange Kraken has settled with the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today, agreeing to pay $362,158.70 for apparent violations of sanctions against Iran.

"Due to Kraken's failure to timely implement appropriate geolocation tools, including an automated internet protocol (IP) address blocking system, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions on Kraken's platform," the agency wrote.

In July, the agency opened an investigation into Kraken for allegedly violating economic sanctions against Iran. The New York Times cited anonymous sources affiliated with the company that confirmed that the crypto exchange allowed customers in Iran and other sanctioned countries to use its platform.

(by Jason Nelson)

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