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Home Cryptocurrency news Bitcoin

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

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Blockchain, Cryptocurrency news, Cryptocurrency Technology
Reading Time: 2min read
Iran
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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.

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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 Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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