Kraken is the world’s largest cryptocurrency exchange, which is under Federal Investigation to permit Iranians to buy and sell digital tokens by using its platform. According to a report published by New York Times, Kraken has violated Federal sanctions. Moreover, the New York Times also reported that the Treasury Department’s Office of Foreign Assets Control would investigate the matter.
The Federal Government is regularly investigating crypto firms which are violating United States regulations in some or other form. The major reason for this crackdown on the crypto market is due to the crypto winter and fall in market capitalization of major cryptocurrencies, including Bitcoin and Ethereum. Tether, a stablecoin pegged against U.S. Dollar, was fined by the Commodity Futures Trading Commission for misleading the customers regarding its reserves.
Kraken has robust compliance measures in place and continues to grow its compliance team to match its business growth. In addition, Kraken closely monitors compliance with sanctions laws and, as a general matter, reports to regulators even potential issues,” as quoted by Kraken’s Chief Legal officer Marco Santori.
Moreover, various crypto firms have blocked users from Iran for NFT trading by the OpenSea in 2022 and even for coding boot camp in 2021.
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