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U.S based cryptocurrency exchange, Kraken is allegedly being investigated for U.S sanctions violations against Iran, sources said in a report released by the New York Times.
According to the publication, the Office of Foreign Assets Control (OFAC) of the U.S. Treasury have been conducting an investigation of Kraken since 2019; the exchange is under investigation for allowing Iranian customers to buy and sell cryptocurrencies.
In September 2021, the Commodity Futures Trading Commission (CFTC) slapped Kraken exchange with a $1.25 million fine for failing to register and operating an illegal off-exchange crypto trading service.
The report of the investigation into the Kraken comes as the crypto sector is facing increased regulatory oversight in light of recent events. Collapsed of Terra (LUNA) , stablecoin project TerraUSD (UST), and the crypto hedge fund Three Arrows Capital (3AC), are just the tip of the iceberg that added fuel to the tighter regulations facing the crypto sector globally.
Cryptocurrency winter is still around and the turmoil has already seen crypto lenders Celsius Network and Voyager Digital go bankrupt.
It was also revealed on Tuesday that the US Securities and Exchange Commission (SEC) was investigating the cryptocurrency exchange Coinbase for a list of suspicious securities tokens. US-based Coinbase has refuted the SEC’s claim that the platform is listing securities.
