The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with Payward, Inc. d/b/a Kraken ("Kraken"), a Delaware-incorporated virtual currency exchange with operations in the United States and elsewhere. Kraken agreed to remit $362,158.70 to settle its potential civil liability for apparent violations of sanctions against Iran. As part of its settlement with OFAC, Kraken also has agreed to invest an additional $100,000 in certain sanctions compliance controls. Due to Kraken’s failure to timely implement appropriate geolocation tools, including an automated internet ... (full story)