Crypto Exchange Kraken Settles With Treasury Department Over Sanctions Violations

Crypto speech Kraken has settled with the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) implicit its evident violations of sanctions against Iran. The cryptocurrency speech has agreed to remit $362,159 to settee its imaginable civilian liability and put an further $100,000 successful definite sanctions compliance controls.

Kraken Settles With OFAC

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced Monday a colony with Payward Inc. (d/b/a Kraken), a Delaware-incorporated crypto exchange. The announcement states:

Kraken agreed to remit $362,158.70 to settee its imaginable civilian liability for evident violations of sanctions against Iran … As portion of its colony with OFAC, Kraken besides has agreed to put an further $100,000 successful definite sanctions compliance controls.

According to the Treasury Department, betwixt astir Oct. 14, 2015, and June 29, 2019, “Kraken processed 826 transactions, totaling astir $1,680,577.10, connected behalf of individuals who appeared to person been located successful Iran astatine the clip of the transactions.”

The Department of the Treasury detailed:

At the clip of the evident violations, Kraken did not instrumentality IP code blocking connected transactional enactment crossed its platform.

Kraken voluntarily self-disclosed the evident violations and cooperated with the OFAC’s investigation, the Treasury Department noted, adding that the crypto trading level besides “undertook important remedial measures successful effect to the evident violations.” The announcement adds:

After identifying this problem, Kraken implemented automated blocking for IP addresses linked to sanctioned jurisdictions. Kraken besides implemented aggregate blockchain analytics tools to assistance with its sanctions monitoring.

The Office of Foreign Assets Control has sanctioned respective cryptocurrency trading platforms implicit time. For example, crypto speech Bittrex was charged with sanctions violations successful October.

What bash you deliberation astir Kraken settling with the Treasury Department’s OFAC implicit sanctions violations? Let america cognize successful the comments conception below.

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