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Kraken Faces Investigation for Letting Users in Iran Buy and Sell Crypto

Jimmy Khan

Jul 28, 2022 14:18

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The US Treasury would investigate cryptocurrency exchange Kraken (KRAK) for allegedly allowing users from countries under sanctions to trade cryptocurrencies.


The Department of Treasury has allegedly accused Kraken of breaking US sanctions, a potent weapon in dealing with nations that oppose US foreign policy goals, according to a New York Times investigation.


The exchange allegedly allowed Iranian customers to buy and sell cryptocurrencies on its website.


Five unidentified people with knowledge of the situation claim that the Office of Foreign Assets Control (OFAC) of the Treasury has been looking into the Kraken exchange since 2019. It is anticipated that it would soon punish the crypto titan with a large fine.


"The Treasury does not confirm or comment on possible or ongoing investigations," a Treasury representative stated. We are still committed to upholding the sanctions that safeguard US national security with the full weight of our powers.


Exports to the country in the Middle East are forbidden due to US sanctions against Iran. Kraken would be the biggest US cryptocurrency company to face an Office of Foreign Assets Control enforcement action relating to sanctions against Iran if investigations concluded that it was guilty.


When questioned about the probe and potential fine, Kraken has remained silent. Kraken's chief legal officer, Marco Santori, informed the Times in an email that the business declines to comment on particular conversations with regulators. Kraken "closely checks compliance with sanctions legislation and, generally speaking, reports to regulators even potential difficulties," the speaker continued.

Uncle Sam Takes Action Against Crypto Businesses

As the cryptocurrency business grows, the federal government has examined a number of companies.

For instance, the California-based cryptocurrency wallet provider BitGo was charged in 2020 with violating 183 ostensible US sanctions and paid a fine of almost $98,000. BitPay came next, paying more than $500,000 for 2,102 infractions.


The co-founder of Kraken, Jesse Powell, posted a spreadsheet detailing the whereabouts of the company's clients on a Slack channel last month. According to the Times, the data showed that 1,522 users had addresses in Iran, 149 in Syria, and 83 in Cuba, all of which are sanctioned countries.


However, this isn't the first time the Department of Treasury has scrutinized the $11 billion value of Kraken. In 2019, Nathan Peter Runyon, a former worker in the business's finance division, said the startup was making money from accounts situated in countries that had been sanctioned. Last year, the litigation was resolved.


Bitcoin (BTC), ether (ETH), and litecoin (LTC), among other cryptocurrencies, "could impair the efficacy of American sanctions," according to a statement made by the Treasury last year. The department recommended that US-based crypto companies utilize geolocation capabilities to exclude consumers from specified countries.

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