Skip to content

Crypto Exchange Kraken Settles With US on Alleged Iranian Sanctions Violations

  • OFAC characterized the apparent violations as ‘non-egregious’
  • Exchange will pay about $360,000 as part of agreement
Cryptocurrency Illustrations As Musk Roils Crypto Market
Photographer: Tiffany Hagler-Geard/Bloomberg
Updated on

Cryptocurrency exchange Kraken has agreed to pay a little over $360,000 to settle allegations that it violated US sanctions against Iran. 

“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,” Treasury’s Office of Foreign Assets Control said in a statement Monday.