Kraken Settles With US Treasury’s OFAC For Breaking US Sanctions

In response to possible breaches of sanctions on Iran, the Office of Foreign Assets Control (OFAC) of the US Treasury Department has declared a resolution with the cryptocurrency exchange Kraken. According to a November 28 notice from OFAC, Kraken outsourced services to customers who looked to be in Iran when they carried out virtual currency transactions on Kraken’s network because Kraken failed to deploy the necessary localization capabilities on time, including an automatic internet protocol (IP) address blocking mechanism. Kraken to Pay Over $362,000 Kraken decided to pay over $362,000 as part of an agreement to satisfy its possible legal The post Kraken Settles With US Treasury’s OFAC For Breaking US Sanctions appeared first on Cryptoknowmics-Crypto News and Media Platform .