Kraken, a cryptocurrency exchange settles with Iranian government for $360,000

November 29, 2022 By Jozeph P

(Image Credit Google)

The Department of the Treasury and cryptocurrency exchange Kraken has reached an agreement to resolve transactions that appear to have violated US sanctions on Iran. As a result, the enormous cryptocurrency platform has agreed to pay more than $360,000. An image of Bitcoin, a digital currency, as of December 7, 2017, in London, England. Despite their continued high volatility, cryptocurrencies like Bitcoin, Ethereum, and Bitcoin have experienced extraordinary growth in 2017. According to a most recent news report, the cryptocurrency exchange and the Department of Treasury have finally reached a settlement. It has agreed to shell up a hefty $362,000 in response to potential Iranian sanctions violations in the nation. [caption id="attachment_67213" align="aligncenter" width="670"] Crypto

Image: Arab News[/caption] It's important to remember that Kraken, like all other cryptocurrency exchanges, enables users to purchase, sell, trade, or hold any of the digital assets listed on the site. Also Read: China establishes regulations for the “Market of Data” and launches the state-run Shenzhen Data Exchange However, the settlement document discloses that hundreds of transactions totaling a whopping $1.68 million came from individuals who were based in Iran. While users are using the cryptocurrency exchange, the Department of Treasury claims that Kraken "did not apply IP address blocking." Therefore, it appears that customers who first registered in the US might continue to trade or acquire digital assets even after transferring to Iran. Crypto

Based on Kraken users' IP addresses, the Treasury Department discovered that certain users had engaged in such behavior. Some people did register in the US and continue their transactions there. The Treasury Department reportedly detailed the potential transgressions of the crypto exchange, according to a recent report by Decrypt. The CEO of the cryptocurrency exchange declares that it is "pleased to have rectified this situation, which we identified, freely self-reported, and immediately corrected." According to the Treasury Department, the transactions that took place in Iran are valued at about $1.6 million. Furthermore, these events occurred between October 14, 2015, and June 29, 2019.

By Jozeph P

Journalism explorer, tech Enthusiast. Love to read and write.

Kraken, a cryptocurrency exchange settles with Iranian government for $360,000

Walmart's GenAI Search Engine: Challenging Google's Dominance in Retail Search

Introducing the MSI Claw Handheld: Your Ultimate Gaming Companion

Uber Increases In-App Ads, Prompting Mixed Reactions from Customers

Apple's iOS 18: A Leap into the AI Era

Google's Regular Pixel 8 Won't Get Gemini Nano AI

MacBook Air M3 Makes Amends for M2's Storage Blunder

Samsung Unveils the Galaxy M15 5G

Elon Musk's xAI to Open-Source Chatbot Grok

Contra: Operation Galuga - A Modern Run-and-Gun Classic

Musk Confirms X's TV App Arrives This Week

7.9 percent of the bitcoin ATMs in the U.S. are provided by Cash Cloud

Celsius allegedly used customer funds to support its own cryptocurrency token

Amid FTX's Recovery of $5 Billion in Assets, Bitcoin Rises to its Highest Price in a Month

US-based crypto exchange Kraken will stop conducting business in Japan

CryptoWatch: Best Crypto to Buy for Christmas; FTX's Impact on Employees; Bitcoin Will Rise in 2023

Underpaid young people bet on crypto due to financial anxiety: Survey