One of the leading US crypto exchanges Kraken is reported to face another regulatory action. The struggle of crypto exchange with the Office of Foreign Assets Control of the United States Treasury Department reported to come to the settlement. Crypto exchange would pay more than 360,000 USD as civil liability and additional 100,000 USD as fine.
Kraken was alleged by the US authority of violating the sanctions against Iran and several other countries. The crypto exchange was said to operate within these regions despite the sanctions. Avoiding any possibility of any legal action or restriction, the crypto firm agreed to settle down the issue and pay a fine for it.
OFAC initiated the investigation on California based crypto exchange in July this year.
Kraken was reported to have over 1,500 crypto users in Iran using the crypto exchange’s platform. Moreover, 149 users were from Syria and 83 users were from Cuba using the crypto exchange. These were the number of crypto users by Jun
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