According to the US Treasury Department, the US-based cryptocurrency exchange Kraken has agreed to pay US$362,000 in connection with its violation of the agreement against Iran.
Between October 2015 and June 2019, Kraken breaks U.S. sanctions allowing Iranians to make transactions worth more than US$1.68 million, says the Treasury Department’s Office of Foreign Assets Control (OFAC).
US technology is barred from exporting technology and services to Iran under a broad set of sanctions. OFAC stated, “Kraken didn’t appropriately implement tools that identify users’ geolocations and IP addresses, blocking those from sanctioned countries.”
Moreover, As part of the settlement agreement, Kraken will invest US$100,000 in its sanctions compliance controls, including training and technical measures.
About six months before the settlement, Kraken lost chief global compliance officer Steven Christie to rival cryptocurrency exchange Binance.
Also read: Kraken Freezes FTX, Alameda Research & Execs Accounts
