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Crypto exchange Kraken will pay more than $360,000 to settle allegations it violated US sanctions by serving users in Iran

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Crypto exchange Kraken will pay more than $360,000 to settle allegations it violated US sanctions by serving users in Iran
  • Crypto exchange Kraken will pay $362,000 to settle allegations it violated US sanctions againts Iran. 
  • The Treasury said Kraken processed transactions valued at $1.68 million on behalf of users who appeared to have been located in Iran.
  • The exportation of services and goods to Iran is prohibited under sanctions imposed in 1979. 

Cryptocurrency exchange Kraken has agreed to pay a fine of more than $360,000 to settle allegations that it violated US sanctions against Iran, the Treasury Department said Monday. 

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Treasury’s Office of Foreign Assets Control said while Kraken maintained an anti-money laundering and sanctions compliance program, the third-largest crypto exchange by volume processed 826 transactions valued at $1.68 million on behalf of users who appeared to have been located in Iran between October 2015 and June 2019. 

The US government prohibits the exportation of services and goods to Iran under sanctions imposed on that country in 1979. 

“Due to Kraken’s failure to timely implement appropriate geolocation tools, including an automated internet protocol (IP) address blocking system, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions on Kraken’s platform,” OFAC said.  

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The agency said the company will pay $362,158.70 to settle a potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations and will also invest an additional $100,000 in certain sanctions compliance controls. 

“The settlement amount reflects OFAC’s determination that Kraken’s apparent violations were non-egregious and voluntarily self-disclosed,” the agency said.  

Kraken has since implemented automated blocking for IP addresses linked to sanctioned jurisdictions and has implemented “multiple” blockchain analytics tools to assist with sanctions monitoring, OFAC said. 

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