Kraken has agreed to settle with the US Treasury's Office of Foreign Assets Control (OFAC) for violating US sanctions. Under the terms of the settlement, Kraken will pay a civil penalty of $5

The U.S.-based crypto exchange agreed to pay more than $362,000 as part of a deal in order to avoid any potential legal liability related to violating sanctions against Iran.

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has announced a settlement with Kraken, a leading cryptocurrency exchange, for apparent violations of sanctions against Iran. Kraken has agreed to pay a civil penalty of $12,000 and to take steps to improve its compliance with OFAC regulations. This action underscores the importance of compliance with OFAC regulations by all companies doing business in the cryptocurrency space.

This is a positive development for the crypto industry, as it shows that exchanges are willing to work with regulators to ensure compliance with sanctions laws. This will help to legitimize the industry and make it more attractive to mainstream investors.

The US Office of Foreign Assets Control (OFAC) has hit cryptocurrency exchange Kraken with a $1 million fine for allegedly violating sanctions against Iran. According to OFAC, Kraken failed to properly implement geolocation tools and an automated IP address blocking system, which allowed Iranians to access its platform and engage in virtual currency transactions. This is a serious violation of US sanctions against Iran, and Kraken will have to pay a hefty fine as a result. This highlights the need for cryptocurrency exchanges to be compliant with regulations, or they could face severe consequences.

This story is developing and will be updated.