Kraken, a cryptocurrency exchange, has settled with the US Department of the Treasury in response to transactions that appear to have violated US sanctions on Iran.
This led to an agreement for the massive cryptocurrency platform to pay more than $360,000. The Crypto Exchange and the Department of Treasury have achieved a settlement.
Agreement on the Kraken Cryptocurrency Exchange
Kraken has settled for a whopping $362,000 due to alleged violations of Iranian sanctions. Kraken, like every other cryptocurrency exchange, allows its users to buy, sell, trade, or hold the digitized assets offered there.
The settlement document reveals, however, that hundreds of transactions totaling a stunning $1.68 million came from persons in Iran.
According to The Verge, the crypto service does not allow new customers to sign up from locations impacted by US sanctions.
It seems the platform follows the penalty scheme in some fashion. But this is where things started to go wrong for them.
According to the Treasury Department, no IP address blocking occurs on Kraken when users are transacting in cryptocurrencies.
Customers who signed up in the United States may be able to keep trading or buying digital assets even after moving to Iran.
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The Treasury Department tracked the IP addresses of Kraken users and learned that some of them had participated in illegal activity. In fact, some people did set up shop in the US and keep doing business there.
A Sanction Against Iran by the United States
The Treasury Department detailed what it believes to be possible wrongdoing on the part of the bitcoin exchange.
The US agency claims that Kraken exported services to users who appeared to be in Iran when they conducted virtual currency transactions on Kraken’s platform because Kraken failed to promptly implement appropriate geolocation tools, such as an automated internet protocol (IP) address blocking system.
Interim, Decrypt spoke with Macro Santori, the Kraken’s top legal officer. The cryptocurrency exchange’s chief executive says it is relieved to have fixed the problem it discovered, disclosed on its own accord, and addressed swiftly.
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It has been revealed by the Treasury Department that the total value of the transactions in Iran is around $1.6 million. These happenings will take place between October 14, 2015, and June 29, 2019.