U.S. authorities suspect that Kraken provided cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange services to Iranian customers despite the bans.
- U.S. Treasury investigating Kraken for alleged sanctions violations.
- He suspects that the exchange allowed users in Iran to trade on its platform.
- Coinbase and Binance are under investigation by the SEC for different reasons.
After Coinbase is an American company that operates a cryptocurrency exchange platform. It appears that another reputable cryptocurrency exchange is facing scrutiny from U.S. authorities. According to a report from the New York Times the U.S. Department of the Treasury’s Office of Foreign Assets Control has begun an investigation of Kraken for allegedly violating economic sanctions on Iran.
U.S. authorities suspect that the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. violated federal sanctions by allowing Iranian users to use the platform a place to buy, sell and store cryptocurrency to trade cryptocurrencies. Five people familiar who remained anonymous anonymity is when something is not known or named. advanced the information to the news agency on Tuesday.
Kraken has not confirmed the reports. The legal director, Marco Santori, told the news media that the company does not comment “. on specific discussions with regulators “. The media CoinDesk citó statements sent by e-mail.
Kraken has robust compliance measures in place and continues to grow its compliance team to match the growth of its business. Kraken closely monitors compliance with sanctions laws and generally reports even potential problems to regulators.
Federal Sanctions and Cryptocurrencies
For more than three decades, sanctions on Iran have been an issue in U.S. policy. The U.S. first imposed economic sanctions on Iran in 1979, which means that no U.S.-based company can do business with Iranian individuals or entities.
More recent administrations have strengthened these policies. In 2018, then-President Donald Trump imposed new sanctions after withdrawing from the Iran nuclear deal, which he claimed did not limit the country’s missile program. More recently, in March, the administration of Joe Bidenpromulgó sanctions against Iran’s ballistic missile program.
Cryptocurrency exchanges have been no stranger to controversies related to such U.S. policies. A few weeks ago, Reuters publicó una investigación in which he reveals that Binance continued to allow users based in Iran to carry out operations on the platform despite federal bans against that country.
- Neither Binance nor Kraken will block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. accounts of Russian residents without court order, spokesmen say
This was not the only case. Like remember CoinDesk NFT’s trading platform, OpenSea blocked Iranian users earlier this year, and the incubator for Ethereum a decentralized open-source blockchain with smart contracts functionality. , ConsenSys consenSys is a blockchain technology company that offers developer tools alongside enterprise solutions. had already taken steps in 2021 to prevent the entry of Iranian students from a coding training camp.
The U.S. Treasury Department has fined cryptocurrency companies in the past for allegedly violating sanctions, including exchange BitGo and the cryptocurrency processor, BitPay bitPay is a Bitcoin payment service provider. as he adds CoinDesk.
Under the radar of US agencies
The reports come a day after Bloomberg reveal a research to exchange Coinbase ; albeit for very different reasons. According to Monday’s release, the U.S. Securities and Exchange Commission is reportedly investigating the exchange to see if it has violated federal law by offering the trade in tokens as unrecorded values.
U.S. regulators have taken a trenchant approach against cryptocurrency companies this year. In June, Bloomberg had already advanced a SEC investigation into Binance for the sale of your token a digital unit designed with utility in mind, providing access and use of a larger crypto economic system. BNB as an unregistered security. The agency’s concern over the alleged securities law violation is also the central issue in a legal battle withRipple.
The U.S. Commodity Futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. Trading Commission (CFTC) also filed last month a lawsuit against the exchange Gemini por haber brindado presuntas ” misleading statements”. on your futures product of Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. . It should be noted that, in September of last year, the same regulatory agency multó in the Kraken con USD 1.25 million for listing the addition of an asset or an asset pair to an exchange. ” illegal off-market trading of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets and failure to register as required “.
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Article by Hannah Estefania Perez / DiarioBitcoin
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