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Cryptocurrency exchange Kraken will pay $362,158 to settle civil liability for apparent violations of the Iranian Transactions and Sanctions Regulations, the US Treasury Department's Office of Foreign Assets Control said in a press release on Monday.

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The regulator said in the document that Kraken has also agreed to put an additional $100,000 in sanctions compliance controls. OFAC says Kraken failed to "timely implement appropriate geolocation tools," including an automated internet protocol (IP) address blocking system to users located in Iran.

Between October 2015 and June 2019 Kraken reportedly processed over 825 transactions, totaling approximately $1.6 million on behalf of individuals located in Iran, OFAC noted.

Kraken Bans Russian Users from Opening Accounts

In October this year, OFAC alongside FinCEN have fined Bittrex $24 million and $29 million, respectively, for failure to meet requirements of multiple sanctions programs and violation of the Bank Secrecy Act.

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