US Treasury Commences Investigation on Kraken Exchange for Allege Sanctions Violations

July 29, 2022

Reading Time: 2 minutes

The US Treasury’s Office of Foreign Assets Control (OFAC) is reportedly investigating the Kraken cryptocurrency exchange for violating the US sanctions against Iran, according to a report by New York Times.

The Times cited five people with knowledge of the matter who choose not to be mentioned. In the report, the Kraken exchange allegedly allowed traders from Iran and other sanctioned countries to make transactions on its exchange, which is actually violating the US sanctions against those countries.

The US Treasury’s Office of Foreign Assets Control has since 2019 been investigating the Kraken exchange and may soon impose a fine against Kraken, the sources told the Times.

The US since 1979 has maintained its sanction against Iran, banning goods and services movement to people or entities in Iran.

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More Crypto Firms Under Investigation 

Of recent, more crypto-related are being investigated, with Kraken exchange becoming the latest firm revealed to be under investigation, crypto lending firms like Celsius Network, Voyager Digital as well as Three Arrows Capital are also being investigated by financial regulators.

Coinbase Global Inc., is also under investigation by SEC over cryptocurrency listings on its platform, this comes after its ex-product manager and his relatives were apprehended for crypto insider trading.

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