Kraken

HQ Country of Company:
USA
Agency:
Treasury
Location of Sentencing:
Washington D.C.
Date:
Description:

Payward, Inc. d/b/a Kraken (“Kraken”), a Delaware-incorporated virtual currency exchange with operations in the United States and elsewhere, has agreed to pay $362,158.70 to settle its potential civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations. Due to Kraken’s failure to timely implement appropriate geolocation tools, including an automated internet protocol (IP) address blocking system, Kraken exported services to users who appeared to be in Iran when they engaged in virtual currency transactions on Kraken’s platform

Fine:
Total Fine
$462,158.70
Total Forefeiture
$ 0.00
Total Special Assessment
$ 0.00
Grand Total
$462,158.70
Source:
Treasury, "OFAC Settles with Virtual Currency Exchange Kraken for $362,158.70 Related to Apparent Violations of the Iranian Transactions and Sanctions Regulations," 11/28/2022
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