The United States Treasury Department’s Office of Foreign Assets Control, or OFAC, is reportedly investigating crypto exchange Kraken for allegedly allowing users based in Iran and other countries to buy and sell crypto — a potential violation of U.S. sanctions. According to a Tuesday report from the New York Times, OFAC has been looking into Kraken’s alleged sanctions violations since 2019 and may be close to imposing a fine on the exchange. The U.S. has imposed sanctions on Iran that prohibit the export of goods or services to businesses and individuals in the country since 1979. Kraken, one of the world's largest crypto exchanges, is under investigation by the US Treasury Department for potentially violating sanctions by allowing accounts in Iran and other countries to buy and sell crypto. Powell took to Twitter on Feb. 27, saying Kraken would not freeze the crypto accounts of users in Russia without a legal requirement.

Source: New York Times July 26, 2022 21:46 UTC