The OFAC claims Kraken did not take reasonable precautions.
Kraken will allocate an extra $100,000 to sanctions compliance mechanisms.
Kraken, a cryptocurrency exchange based in the United States, has just resolved with the United States Department of Treasury’s Office of Foreign Assets Control (OFAC) for alleged breaches of sanctions against Iran. The settlement is for $362,158.70.
The agency stated:
“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.”
Sanctions Compliance
The government started looking into Kraken in July because of concerns that it was breaking economic restrictions against Iran. The cryptocurrency exchange reportedly enabled users from Iran and other sanctioned nations to use its platform, according to unnamed sources the New Yo
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