News/Crypto Exchange Kraken Settles with Treasury Department over Iran Sanctions Violations

Crypto Exchange Kraken Settles with Treasury Department over Iran Sanctions Violations

Nov 29,2022,10:50

U.S. crypto exchange Kraken has settled with the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), agreeing to pay $362,158.70 for apparent violations of sanctions against Iran. As a part of the settlement, Kraken will invest an additional $100,000 in sanction compliance controls.

From October 14, 2015 to June 29th, 2019, the agency says that Kraken processed 826 transactions, totaling approximately $1,680,577.10, for individuals who were determined to have been in Iran at the time.

Previously, OFAC opened an investigation into Kraken in July of this year for allegedly violating economic sanctions against Iran.

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