Crypto Exchange Kraken Settles Case With US Treasury Over Serving Customers in Iran
Policy
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has reached a settlement with crypto exchange Kraken over serving customers in Iran, OFAC said in a statement Monday.
Kraken agreed to pay $362,159 to settle its potential civil liability for apparent violations of sanctions against Iran. Kraken also agreed to invest $100,000 in implementing additional sanctions compliance controls.
According to OFAC, Kraken failed to implement appropriate geolocation tools, including an automated internet protocol (IP) address blocking system, allowing customers in Iran to perform transaction on Kraken’s platform.
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