Sources reportedly said that Kraken has continued to serve users in Iran, Syria, and Cuba despite the U.S. sanctioning the three countries.
Kraken Reportedly Facing Treasury Investigation
The Treasury Department is investigating whether Kraken violated U.S. sanctions, The New York Times has reported.
According to a Tuesday report quoting five people familiar with the matter, Kraken allowed users in Iran, Syria, and Cuba to open accounts and trade crypto assets on its platform, disregarding government bans on engaging in business with the three nations.
The report says that the Office of Foreign Assets Control has been investigating Kraken since 2019 and is likely to hand the exchange a fine. According to the report, OFAC turned its focus to the exchange’s dealings with Iranian citizens, and the sources claim that Kraken has also offered services in Syria and Cuba. The report claims that Kraken CEO Jesse Powell shared a spreadsheet via the company’s Slack in June, indicating that it...
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