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HomeBusinessCrypto Exchange Kraken Settles with Treasury Department Over Iran Sanctions

Crypto Exchange Kraken Settles with Treasury Department Over Iran Sanctions

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On Monday, the Treasury department announced that Kraken, one of America’s largest crypto exchanges, has settled with the government and agreed to pay more than $360,000 for apparently violating America’s sanctions laws related to Iran.

The Delaware-based company failed to prevent more than 820 individuals in Iran from conducting more than $1.6 million worth of crypto transactions on its platform between October 2015 to June 2019, according to the Office of Foreign Assets Control (OFAC).

OFAC, however, assessed that Kraken’s conduct was “non-egregious and voluntarily self-disclosed,” significantly reducing the settlement it paid.

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