{"id":14977,"date":"2022-11-30T07:56:12","date_gmt":"2022-11-30T07:56:12","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-exchange-kraken-settles-with-treasury-department-over-sanctions-violations-regulation-bitcoin-news\/"},"modified":"2022-11-30T07:56:12","modified_gmt":"2022-11-30T07:56:12","slug":"crypto-exchange-kraken-settles-with-treasury-department-over-sanctions-violations-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-exchange-kraken-settles-with-treasury-department-over-sanctions-violations-regulation-bitcoin-news\/","title":{"rendered":"Crypto Exchange Kraken Settles With Treasury Department Over Sanctions Violations \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Crypto exchange Kraken has settled with the U.S. Department of the Treasury\u2019s Office of Foreign Assets Control (OFAC) over its apparent violations of sanctions against Iran. The cryptocurrency exchange has agreed to remit $362,159 to settle its potential civil liability and invest an additional $100,000 in certain sanctions compliance controls.<\/strong><\/p>\n

Kraken Settles With OFAC<\/h2>\n

The U.S. Department of the Treasury\u2019s Office of Foreign Assets Control (OFAC) announced Monday a settlement with Payward Inc. (d\/b\/a Kraken), a Delaware-incorporated crypto exchange. The announcement states:<\/p>\n

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Kraken agreed to remit $362,158.70 to settle its potential civil liability for apparent violations of sanctions against Iran \u2026 As part of its settlement with OFAC, Kraken also has agreed to invest an additional $100,000 in certain sanctions compliance controls.<\/p>\n<\/blockquote>\n

According to the Treasury Department, between approximately Oct. 14, 2015, and June 29, 2019, \u201cKraken processed 826 transactions, totaling approximately $1,680,577.10, on behalf of individuals who appeared to have been located in Iran at the time of the transactions.\u201d<\/p>\n

The Department of the Treasury detailed:<\/p>\n

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At the time of the apparent violations, Kraken did not implement IP address blocking on transactional activity across its platform.<\/p>\n<\/blockquote>\n

Kraken voluntarily self-disclosed the apparent violations and cooperated with the OFAC\u2019s investigation, the Treasury Department noted, adding that the crypto trading platform also \u201cundertook significant remedial measures in response to the apparent violations.\u201d The announcement adds:<\/p>\n

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After identifying this problem, Kraken implemented automated blocking for IP addresses linked to sanctioned jurisdictions. Kraken also implemented multiple blockchain analytics tools to assist with its sanctions monitoring.<\/p>\n<\/blockquote>\n

The Office of Foreign Assets Control has sanctioned several cryptocurrency trading platforms over time. For example, crypto exchange Bittrex<\/a> was charged with sanctions violations in October.<\/p>\n

What do you think about Kraken settling with the Treasury Department\u2019s OFAC over sanctions violations? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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