Crypto exchange Kraken has settled with the U.S. Treasury Department over sanctions violations against Iran. OFAC cryptocurrency bitcoin
Crypto exchange Kraken has settled with the U.S. Department of the Treasury’s Office of Foreign Assets Control over its apparent violations of sanctions against Iran. The cryptocurrency exchange has agreed to remit $362,159 to settle its potential civil liability and invest an additional $100,000 in certain sanctions compliance controls.The U.S. Department of the Treasury’s Office of Foreign Assets Control announced Monday a settlement with Payward Inc. , a Delaware-incorporated crypto exchange.
According to the Treasury Department, between approximately Oct. 14, 2015, and June 29, 2019, “Kraken processed 826 transactions, totaling approximately $1,680,577.10, on behalf of individuals who appeared to have been located in Iran at the time of the transactions.”At the time of the apparent violations, Kraken did not implement IP address blocking on transactional activity across its platform.
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