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Iran
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FinCEN Issues Advisory On Iran’s “Illicit” Use of Crypto to Bypass Sanctions

Tony "The Bull" by Tony "The Bull"
5 years ago
in Bitcoin, Blockchain, Cryptocurrency Market News, Cryptocurrency Technology
Reading Time: 2 mins read

Concerns are growing surrounding Iran’s use of cryptocurrencies like Bitcoin and Monero – and soon, their own native cryptocurrency – to evade economic sanctions put in place by the U.S., prompting FinCEN to issue an advisory on the topic.

FinCEN on Iran’s Exploitation of Financial Markets

The Financial Crimes Enforcement Network (FinCEN) has issued an alert, warning U.S.-based financial institutions, such as cryptocurrency exchanges, about Iran’s  “illicit and malign” exploitation of various financial markets. 

FinCEN alleges that Iran has been abusing financial markets to evade U.S.-led economic sanctions and finance terrorist organizations and activities.

The advisory claims that Iran utilizes “front and shell companies to exploit financial systems around the world to generate revenues” that support “terrorist groups, ballistic missile development, human rights abuses, support to the Syrian regime, and other destabilizing actions targeted by U.S. sanctions.”

Among the financial markets Iran “exploits” is the cryptocurrency market. It was first reported as far back as February that Iran had been considering using cryptocurrencies to evade economic sanctions. However, FinCEN reports that Iran’s usage of cryptocurrency dates back to 2013.

Since then, Iran’s use of crypto “includes at least $3.8 million worth of Bitcoin-denominated transactions per year.” FinCEN says the number is “comparatively small” to other countries, but still plenty cause for concern due to the “potential avenues” cryptocurrency provides for money-laundering and other illegal activities. 

FinCEN urges cryptocurrency exchanges to review blockchain transactions for any activity that could be tied to Iran.

Iran Launching National Crypto, Uses Other Unorthodox Evasion Methods

Iran is steadfast in its approach to using cryptocurrency as a means of evading Trump administration-led sanctions. This is to the point that Iranian President Hassan Rouhani ordered the National Cyberspace Center (NCC) to draft a plan for the nation’s own cryptocurrency backed by the rial – Iran’s failing fiat currency.

Iran is said to be planning to use their national cryptocurrency to more easily evade sanctions, by using a private blockchain-based on Hyperledger Fabric technology. The Central Bank of Iran, which earlier in the year banned institutions from selling, exchanging, or even promoting cryptocurrencies, will be able to issue new tokens at will.

Alireza Daliri, deputy for management and investment at the directorate for scientific and technological affairs explained that the “currency would facilitate the transfer of money (to and from) anywhere in the world,” and assist Iran “at the time of sanctions.”

Iran’s efforts to bypass sanctions and fund terrorist operations doesn’t stop with cryptocurrencies. The rogue nation also uses some other interesting methods, including procuring aviation-related materials using front companies, and trading precious metals such as gold, silver, or platinum.

Featured image from Shutterstock.

Tags: bitcoincryptodigital rialeconomic sanctionsfinceniranmonerorialsanctions
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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