Kraken, a cryptocurrency exchange, settles with the Treasury Department over violations of sanctions

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The crypto exchange Kraken has reached a settlement with the Office of Foreign Assets Control (OFAC) of the U. S. Department of the Treasury over its alleged violations of sanctions against Iran.

(d/b/a Kraken), a cryptocurrency exchange incorporated in Delaware, and the Office of Foreign Assets Control (OFAC) of the U.

S. Department of the Treasury announced a settlement on Monday.

In order to resolve any potential civil liability for alleged violations of Iranian sanctions, Kraken agreed to pay $362,158. 70.

Kraken did not implement IP address blocking on transactional activity across its platform at the time of the alleged violations.

The Treasury Department stated that Kraken proactively self-disclosed the potential violations and assisted the OFAC`s investigation, and that the cryptocurrency trading platform also “taken significant corrective actions in response to the apparent violations. ” The statement continues:

Over time, the Office of Foreign Assets Control has imposed sanctions on a number of bitcoin trading platforms.

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