In an Enforcement Release published on November 28, 2022, it was announced that OFAC had confirmed Kraken’s payment of more than $362,000 in fines for agreeing to an alleged breach of financial sanctions against with Iran. As part of the settlement, this exchange will invest an additional $100,000 in sanctions compliance controls.
“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 platform,”
The agency wrote
In July, the agency opened an investigation into Kraken for alleged violations of economic sanctions against Iran. The New York Times cited anonymous sources affiliated with the company confirming that the crypto exchange allows customers in Iran and other sanctioned countries to use its platform.
From October 14, 2015 to June 29, 2019, the agency said this exchange processed 826 transactions, totaling approximately $1,680,577.10, for individuals granted identified as being in Iran at the time.
“Kraken is pleased to have addressed this issue that we discovered, self-reported, and quickly fixed.”
Kraken’s chief legal officer, Marco Santori, told Decrypt in an emailed statement
Last year, the Commodity Futures Trading Commission ordered the exchange to pay a $1.25 million fine for “illegally providing margin retail commodity transactions using digital assets.” , including Bitcoin and do not register as a futures commission merchant.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
Alexey Pertsev, a developer of the coin-mixing protocol Tornado Cash, has sent shockwaves through the…
Justin Ðrake, a prominent figure within the Ethereum Foundation, revealed that three staff members have…
The debate over cryptocurrency regulation in India has reached a critical juncture as the Securities…
Many investors are eyeing smaller cryptocurrencies for their potentially high returns. This article explores a…
RCO Finance (RCOF) actively uses AI to promote the wider acceptance of cryptocurrencies within mainstream…
London authorities detain pump.fun attacker, possibly identified as Jarett Reginald Dunn.
This website uses cookies.
