The Treasury Department is investigating cryptocurrency exchange Kraken for allegedly violating US sanctions, according to new reporting from The New York Times.
Kraken would be the largest crypto firm in the United States to be hit with an enforcement action by the Treasury Department’s Office of Foreign Assets Control.
The US Treasury Department has been investigating Kraken since 2019 and is expected to impose a fine on the cryptocurrency exchange, according to aThe firm may have violated U.S. sanctions, according to the Times report, by allowing users in Iran, Cuba and Syria to buy and sell digital assets. The Treasury Department Office of Foreign Assets Control is handling the investigation. Kraken would be the largest American crypto firm to be hit by enforcement action by the office.
Kraken allegedly allowed users to operate accounts in Iran, as well as Syria and Cuba, which are under US sanctions, according to the Times. Sanctions against Iran have been in place since 1979. A Kraken spreadsheet viewed by the Times showed the firm had more than 1,500 users with residences in Iran.calls to freeze the accounts of Russian users in February, days after the country invaded Ukraine.
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