Cryptocurrency exchange Kraken has agreed to pay more than $362,000 to settle allegations it violated U.S. sanctions against Iran, the U.S. Treasury Department said Monday.
Kraken violated U.S. sanctions laws by failing to prevent users in Iran from accessing its platform, which allowed them to conduct transactions worth more than $1.68 million between October 2015 and June 2019, the Treasury Department’s Office of Foreign Assets Control said.
The U.S. has placed broad sanctions prohibiting exports of U.S. goods, technology and services to Iran.
OFAC said Kraken didn’t implement in a timely manner appropriate tools that identify users’ locations, including an automated internet protocol address blocking system, according to the settlement. The agency said Kraken voluntarily disclosed the violations.
Kraken will invest $100,000 in its sanctions compliance controls as part of the settlement agreement, which includes training and technical measures.
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