Kraken Fined with $362,000 for Violating Sanctions Against Iran

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US-based crypto exchange Kraken has agreed to pay $362,000 in compensation for violating US sanctions against Iran, the OFAC has reported.

According to the regulator, the platform has voluntarily disclosed violations that took place between October 2015 and June 2019. During this period, Kraken processed 826 transactions worth $1.7 million for users who were based in Iran.

According to the OFAC, this was possible because the exchange did not implement a system for blocking IP addresses associated with sanctioned jurisdictions, including Iran.

After discovering the issue, Kraken began using blockchain analytics tools to monitor unwanted activity.

Louis Adams

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