YEREVAN (CoinChapter.com) — The United States Department of Treasury is investigating cryptocurrency exchange Kraken for violating U.S sanctions on Iran, Syria, and Cuba.
The exchange allegedly allowed users in the said countries to buy and sell digital assets, the New York Times reports.
Notably, the Office of Foreign Assets Control has kept Kraken under the scanner since at least 2019. That same year, former Kraken employee Nathan Peter Runyon sued Kraken for illegal termination. He further alleged that the company had indulged in fraud and illegal practices.
While the exchange is alleged to have disregarded sanctions in other jurisdictions, the Treasury Department primarily focuses on Iranian users.
The United States has imposed various sanctions on the country since 1979. Under these, US-based companies and individuals are prohibited from doing business with any entity in Iran.
If found guilty, Kraken will be the biggest crypto exchange to face the wrath of the authorities for sanctions violations. As a result, the U.S. Treasury Department’s Office of Foreign Assets Control may impose a fine.
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