Cryptocurrency exchange Kraken is being investigated by federal authorities over suspicions that it violated U.S. sanctions by allowing users in Iran to buy and sell digital assets, according to a new report.
The New York Times reported Tuesday that the Treasury Department’s Office of Foreign Assets Control has been investigating Kraken since 2019 and is expected to issue a fine. The Times said Kraken would be the largest U.S. crypto exchange to be penalized for violating sanctions against Iran that were imposed in 1979.
In an emailed statement to MarketWatch, Kraken Chief Legal Officer Marco Santori said: “Kraken does not comment on specific discussions with regulators. Kraken has robust compliance measures in place and continues to grow its compliance team to match its business growth. Kraken closely monitors compliance with sanctions laws and, as a general matter, reports to regulators even potential issues.”
Kraken is one of the largest crypto exchanges in the world, offering more than 90 digital tokens in 190 countries. Earlier this month, Reuters reported that Binance, the world’s largest crypto exchange, continued to allow users in Iran to trade digital assets, despite the U.S. sanctions and a company ban on doing business in Iran.
Last year, the Commodity Futures Trading Commission imposed a $1.25 million fine against Kraken for offering illegal trading of digital assets and failing to register as a futures commission merchant.
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