Illustration by Alex Castro / The Verge

Cryptocurrency exchange Kraken has agreed to pay $362,158.70 to settle with the Department of the Treasury over claims that the firm violated US sanctions against Iran. Kraken, which lets users buy, sell, hold, and trade cryptocurrency, is also required to invest an extra $100,000 in certain sanctions compliance controls.

As noted in the details of the settlement, Kraken allegedly processed 826 transactions totaling over $1.68 million on behalf of customers who may have been located in Iran. The Department of the Treasury says the apparent violations took place between October 14th, 2015, and June 29th, 2019, and were “non-egregious and voluntarily self-disclosed.”

Kraken already had an existing sanctions compliance program that…

Continue reading…


Leave a Reply