Kraken Agrees to Pay $362,000 for Violating Iran Sanctions

Crypto exchange Kraken has agreed to pay $362,000 in compensation for violating US sanctions against Iran, the OFAC reports.

According to the agency, the platform 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 became possible due to the fact that the exchange did not implement a system for blocking IP addresses associated with sanctioned jurisdictions.

After discovering the issue, Kraken started using blockchain analytics tools to monitor unwanted activity. The company has also hired a dedicated sanctions executive to lead its compliance efforts.