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.