The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has settled with Kraken, an American cryptocurrency exchange, for $362,158.70 for apparent violations of sanctions against Iran.
2. OFAC opened an investigation into Kraken in July for allegedly violating economic sanctions against Iran. The New York Times cited anonymous sources affiliated with the company that confirmed that the crypto exchange allowed customers in Iran and other sanctioned countries to use its platform.
3. Marco Santori, Kraken’s Chief Legal Officer, said in a statement to Decrypt that the company is “pleased to have resolved this matter,” which they “discovered, voluntarily self-reported, and swiftly corrected.” From October 14, 2015 to June 29, 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.
