Kraken to Pay $362,000 to US Treasury for Iran Sanctions Violations

U.S.-based cryptocurrency exchange Kraken has agreed to pay over US$362,000 to settle claims that it violated sanctions against Iran, the U.S. Treasury. According to a Nov. 28 announcement, the Department of the Treasury's Office of Foreign Assets Control (OFAC) said Kraken agreed to pay more than $362,000 as part of a deal “to settle its potential civil liability” related to violating the United States’ sanctions. The crypto exchange, the world’s second-largest crypto exchange by market cap, has reached a settlement deal with the U.S. Treasury Department’s Office of Foreign Assets Control [OFAC] over allegations.

Specifically, Kraken agreed to remit $362,158.70 to settle its potential civil liability for apparent violations of sanctions against Iran. Kraken agreed to a $362,000 settlement for violating U.S. sanctions against Iran, the Treasury Department’s Office of Foreign Assets Control said. Cryptocurrency exchange Kraken has agreed to pay $362,158.70 to settle with the Department of the Treasury over claims that the firm violated US sanctions against.

The agreement follows accusations that the exchange allowed users in Iran to access its services, circumventing U.S. economic sanctions. Kraken, a U.S. cryptocurrency exchange, agreed on Monday to pay more than $360,000 to the Treasury Department to settle accusations of sanctions violations. As part of its settlement with OFAC, Kraken also acknowledged the violations. Cryptocurrency exchange Kraken has agreed to pay the penalty to settle civil liability related to apparent violations of sanctions on Iran. As part of the deal with OFAC, the exchange is implementing measures to prevent future sanctions violations.