SEC Now Keeping a Watchful Eye on Kraken Exchange

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Recently, it was Binance that came under the hammer of the SEC, but now it’s Kraken’s turn. Kraken’s information is currently being investigated. This is coming after the crypto exchange was said to have been caught defying the crypto rule placed on Iran.

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A statement released by New York Times revealed that Kraken has been allowing individuals from Iran to trade electronic properties on its platform. This matter stems from the ban which was placed on Iran by the United States. This ban restricts Iran from engaging in international trade with them.

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Further Details
This issue went public when a former worker at Kraken, alleged that the company has been into prohibited transactions despite restriction laws that have been put in place. Subsequently, authorities took on the issue, and they have been probing operation information in Iran. Some even opined that Kraken has also been operating in other banned nations such as Cuba and Syria. And, all these operations were done against the law.

Also in 2021 Kraken exchange sold the electronic property off its platform, and didn’t register with the SEC. Subsequently, the exchange was penalized by asking to pay a fine of $1.25 million. Kraken could be in serious trouble this time, as it could face stiffer punishment for its illegal operations.

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