Kraken Settles for $360,000 for Violation of Iran Sanctions

Kraken, a cryptocurrency exchange, has now agreed to settle with the Treasury Department over transactions that appear to have violated US Iran sanctions. The massive cryptocurrency platform has agreed to pay more than $360,000.

The settlement document reveals that hundreds of transactions totaling $1.68 million were made by users in Iran. Kraken, a cryptocurrency exchange, has settled for $360,000 for violating Iran sanctions.

According to the US government, Kraken exported services to users who appeared to be in Iran when they conducted virtual currency transactions on Kraken’s platform.

Some people signed up in the United States and then completed their transactions in Iran. The transactions in Iran are worth approximately $1.6 million.

The Department of Treasury discovered that some Kraken users did such a thing based on their IP addresses. Some people signed up in the United States and then completed their transactions in Iran. The transactions in Iran are worth approximately $1.5 million.