A report claims the crypto exchange Kraken is under investigation for allegedly violating US sanctions, according to five people familiar with the matter.
The NYT report cites “five people affiliated with the company or with knowledge of the inquiry.” Furthermore, the report also says the anonymous sources did not want to be named “for fear of retribution from the company.” According to the editorial’s summary, OFAC has been investigating Kraken since 2019 for allowing users from sanctioned countries to acquire crypto assets.
The five people familiar with the matter concerning Kraken say that they expect the U.S. government to impose a fine against the San Francisco trading platform. Kraken got hit with a fine last year when U.S. Commodity Futures Trading Commission At that time, the CFTC levied $1.25 million from the San Francisco crypto company’s parent firm Payward Ventures Inc., and told Kraken to “cease and desist from further violations.
Kraken closely monitors compliance with sanctions laws and, as a general matter, reports to regulators even potential issues. Speaking with a U.S. Treasury spokeswoman, the NYT reporters said OFAC gave a similar statement. “[The U.S. Treasury] does not confirm or comment on potential or ongoing investigations,” the individual from the Treasury said. The people familiar with the matter said the OFAC inquiry started in 2019 when a former employee initiated legal proceedings against Kraken and later settled the case.
on various occasions in recent times, and more specifically, stories concerning the bankrupt crypto lender Celsius.
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