Kraken allegedly processed transactions from users in Iran.
$362,158.70 to settle with the Department of the Treasury over claims that the firm violated US sanctions against Iran. Kraken, which lets users buy, sell, hold, and trade cryptocurrency, is also required to invest an extra $100,000 in certain sanctions compliance controls., Kraken allegedly processed 826 transactions totaling over $1.68 million on behalf of customers who may have been located in Iran.
Kraken already had an existing sanctions compliance program that prevented users from signing up in sanctioned locations, but the settlement alleges Kraken “did not implement IP address blocking” on activity across its platform during this time. According to IP address data obtained by the Treasury Department, this means that some users were able to sign up for the platform in areas not subject to US sanctions, and then proceed to conduct transactions from sanctioned locations, such as Iran.
has since implemented a number of changes, including adding geolocation blocking to prevent users from accessing the site in sanctioned locations, as well as hiring a dedicated head of sanctions. The company has also invested in sanctions compliance training for staff and implemented “blockchain analysis tools to assist with sanctions monitoring.”
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