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American regulators target crypto exchange Kraken

The big American crypto exchange Kraken allegedly allowed Iranians to trade crypto.

By Finst News
• 3 min read
American regulators target crypto exchange Kraken

The big American crypto exchange Kraken allegedly allowed Iranians to trade crypto. That would be a violation of standard regulations. According to a report in the New York Times, the Treasury Department is investigating the well-known exchange.

The U.S. has had sanctions against Iran since 1979. These sanctions prohibit the export of goods and services to individuals or institutions in the country. Kraken’s chief legal officer told the New York Times that they "do not comment on specific discussions with regulators." He added: "Kraken closely monitors compliance with sanctions laws and generally reports any potential issues to regulators."

The exchange already faced a $1.25 million penalty last year for offering an "illegal trading service." U.S. regulators have been stepping up pressure on crypto firms for several months. Ripple is being sued, Binance, Coinbase, and others are under investigation.

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