U.S.-based cryptocurrency change Kraken has agreed to pay over US$362,000 to settle claims that it violated sanctions towards Iran, the U.S. Treasury Division announced on Monday.

See associated article: Coin Center files lawsuit over Tornado Cash sanctions, defends crypto privacy rights

Quick details

  • Kraken violated U.S. sanctions by permitting Iranian customers to conduct transactions value greater than US$1.68 million between October 2015 and June 2019, in line with the Treasury Division’s Workplace of International Belongings Management (OFAC).

  • U.S. items, know-how and companies are restricted from export to Iran underneath a broad set of sanctions.

  • OFAC stated Kraken didn’t appropriately implement instruments that determine customers’ geolocations and IP addresses, blocking these from sanctioned international locations.

  • The settlement represents the Treasury’s newest crackdown on the cryptocurrency business. Crypto change Bittrex Inc. paid round US$30 million to the Treasury in October to settle allegations associated to sanctions and anti-money laundering legal guidelines.

  • Kraken will make investments US$100,000 in its sanctions compliance controls, together with coaching and technical measures to help in sanctions screening, as a part of the settlement settlement.

  • About six months previous to the settlement, Kraken lost its chief international compliance officer Steven Christie to rival cryptocurrency change Binance.

See associated article: Crypto exchange Kraken reportedly under investigation for Iran sanctions breach

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