Reportedly, the United States Treasury’s Office of Foreign Assets Control is investigating the Kraken exchange to find out whether the exchange violated the sanctions.

Kraken is a 4rh ranked crypto exchange and exchange is known to provide support for the huge numbers of crypto assets, on demand of crypto Investors. This exchange is known to provide services under compliance so that the crypto industry can represent itself as the best money market.

Recently the New York Times reported that the United States Treasury’s Office of Foreign Assets Control is investigating to figure out whether the Kraken exchange helped the crypto customers to trade cryptocurrencies of those countries, where the exchange is not allowed to provide services. 

If the exchange will be found to involve in this matter deeply then surely it may face huge legal hurdles and also a significant amount of fine.

However, news media reported that a person close to this matter revealed this information but officially no announcement or confirmation news came from  Kraken or the US treasury office. 

Reportedly a former Kraken employee claimed that  1,500 users in Iran, 149 users in Syria, and 83 in Cuba were allowed by the Kraken exchange to facilitate crypto buy-sell trading and exchange is making huge money from these sanctioned countries’ people. 

Crypto helps to invade financial sanctions

With the decentralized nature of cryptocurrencies, people use crypto to facilitate cross-border payments outside the knowledge & control of government agencies. 

The majority of the countries’ governments considered cryptocurrencies as a tool against financial sanctions. In particular, the US, EU & other dominant countries took strict actions against Russia. 

Due to the Russia vs Ukraine conflict, all Ukraine-supportive countries banned international trade with Russia. The majority of the crypto companies were forced to stop providing crypto trade or transfer services to the particular crypto accounts linked with Russian locations. 

Read also: Coinbase (COIN) plunges 21% because of SEC Investigation



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