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On December 14th, according to a report by Ukraines Interfax news agency, Ukrainian President Volodymyr Zelenskyy stated that the US demand for a unilateral withdrawal of Ukrainian troops from eastern Ukraine and the establishment of a "free economic zone" there is "unfair," and Ukraine needs to realistically view the peace process. Zelenskyy told the media that according to the USs "compromise plan," Russian troops would not be allowed to enter parts of eastern Ukraine, while Ukrainian troops would withdraw from these areas and establish a "free economic zone." "I think this is unfair because there is no stipulation on who will manage the economic zone," Zelenskyy said. He added that if Ukrainian troops withdraw, Russian troops should also withdraw, a problem that currently "has no answer, but is very sensitive and thorny." If a "buffer zone" is established along the military contact line, with only police deployed to maintain order, and troops withdrawn, "then the problem becomes very simple."December 14 - According to the Japan Meteorological Agency, a magnitude 4.9 earthquake struck off the coast of the Noto Peninsula, Japan, at approximately 11:26 PM local time on December 14, with a depth of 10 kilometers. There is no risk of a tsunami.On December 14th, the Financial Times analysis pointed out that given ECB President Christine Lagardes view that the bank is in "good shape," investors unanimously expect the ECB to keep its benchmark interest rate unchanged at 2% next week, instead focusing on its economic forecasts. Lagarde stated this week that ratemakers may again raise their growth forecasts for the Eurozone at their meeting. These stronger growth forecasts, along with persistent inflation, have recently led traders to increase their bets on an ECB rate hike next year. However, as the potential shift in monetary policy direction remains controversial, and this change has only recently been reflected in swap market pricing, traders will pay particular attention to clues about the timing of rate hikes; any adjustments to policy signals are expected to be subtle. George Moran, a Eurozone economist at RBC Capital Markets, said he expects the ECB not to raise rates in 2026 because "cyclical tailwinds are likely temporary." He added that the ECB has "made it clear that it does not want to overreact to temporary deviations from its targets."On December 14th, according to the Ukrainian National News Agency, Ukrainian President Volodymyr Zelenskyy told the media that he had informed members of the Verkhovna Rada (parliament) to prepare contingency plans for a possible election soon. Zelenskyy said, "Most importantly, I will not cling to the presidency. I believe Ukraine should be prepared for any changes." He said he had asked partners for help in resolving election security issues, and he had also informed Verkhovna Rada members to prepare contingency plans for a possible election soon. Zelenskyy said he had received "signals" from the United States and President Trump regarding the Ukrainian presidential election, adding, "Whether these signals come only from the United States or also from Russia, I do not want to comment at this time."The Russian Ministry of Defense stated that it shot down 40 Ukrainian drones in several regions of Russia.

Kraken Faces Investigation for Letting Users in Iran Buy and Sell Crypto

Jimmy Khan

Jul 28, 2022 14:18

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The US Treasury would investigate cryptocurrency exchange Kraken (KRAK) for allegedly allowing users from countries under sanctions to trade cryptocurrencies.


The Department of Treasury has allegedly accused Kraken of breaking US sanctions, a potent weapon in dealing with nations that oppose US foreign policy goals, according to a New York Times investigation.


The exchange allegedly allowed Iranian customers to buy and sell cryptocurrencies on its website.


Five unidentified people with knowledge of the situation claim that the Office of Foreign Assets Control (OFAC) of the Treasury has been looking into the Kraken exchange since 2019. It is anticipated that it would soon punish the crypto titan with a large fine.


"The Treasury does not confirm or comment on possible or ongoing investigations," a Treasury representative stated. We are still committed to upholding the sanctions that safeguard US national security with the full weight of our powers.


Exports to the country in the Middle East are forbidden due to US sanctions against Iran. Kraken would be the biggest US cryptocurrency company to face an Office of Foreign Assets Control enforcement action relating to sanctions against Iran if investigations concluded that it was guilty.


When questioned about the probe and potential fine, Kraken has remained silent. Kraken's chief legal officer, Marco Santori, informed the Times in an email that the business declines to comment on particular conversations with regulators. Kraken "closely checks compliance with sanctions legislation and, generally speaking, reports to regulators even potential difficulties," the speaker continued.

Uncle Sam Takes Action Against Crypto Businesses

As the cryptocurrency business grows, the federal government has examined a number of companies.

For instance, the California-based cryptocurrency wallet provider BitGo was charged in 2020 with violating 183 ostensible US sanctions and paid a fine of almost $98,000. BitPay came next, paying more than $500,000 for 2,102 infractions.


The co-founder of Kraken, Jesse Powell, posted a spreadsheet detailing the whereabouts of the company's clients on a Slack channel last month. According to the Times, the data showed that 1,522 users had addresses in Iran, 149 in Syria, and 83 in Cuba, all of which are sanctioned countries.


However, this isn't the first time the Department of Treasury has scrutinized the $11 billion value of Kraken. In 2019, Nathan Peter Runyon, a former worker in the business's finance division, said the startup was making money from accounts situated in countries that had been sanctioned. Last year, the litigation was resolved.


Bitcoin (BTC), ether (ETH), and litecoin (LTC), among other cryptocurrencies, "could impair the efficacy of American sanctions," according to a statement made by the Treasury last year. The department recommended that US-based crypto companies utilize geolocation capabilities to exclude consumers from specified countries.

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