Kraken is among the world’s largest cryptocurrency exchanges which is currently undergoing a federal investigation. The crypto exchange has been suspected of violating U.S sanctions by allowing users in Iran to trade cryptocurrencies.

This alleged violation was discovered through five people who were associated with the company or with the knowledge of the inquiry. This investigation is being carried out by United States Treasury’s Office of Foreign Assets Control.

Currently these investigations are underway and it is directed towards finding out if these sanctions-hit countries were permitted to buy and sell cryptocurrencies. The Treasury Department was planning on imposing a fine against the exchange but it has not suggested a timeline for the enforcement action.  Read more...