Kraken has agreed with the US Treasury Department to violate sanctions on Iran.
The company agreed to pay $362,159 to fulfill its liability.
Kraken Signs With U.S. Treasury
The U.S. Treasury has reached an agreement with Kraken to serve customers in Iran, according to a statement by the Office of Foreign Assets Control (OFAC).
The exchange agreed to pay $362,159 to settle its civil liability for blatant violations of sanctions against Iran.
According to OFAC, the exchange has not implemented appropriate geolocation tools, including an automated internet protocol (IP) address blocking system that allows customers in Iran to transact on Kraken’s platform.
The company’s chief legal officer, Marco Santori, said:
“We are pleased to resolve this issue, which we discovered, voluntarily reported, and quickly fixed.
Before we made this decision, we took a number of steps to support our compliance measures. This aims to further strengthen control systems and expand our compliance team.”
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