Report reveals how cryptocurrencies help Iran bypass sanctions
US Senate report points to the use of cryptocurrencies by networks linked to Iran to circumvent sanctions and move funds.
TL;DR
- US Senate investigation reveals Iran's regime using stablecoins like USDT to bypass sanctions.
- USDT is being used to move funds outside the traditional banking system, fund allied organizations, and acquire military equipment.
- 84% of sanctioned crypto wallets linked to Iran exclusively or almost exclusively transacted in USDT.
- The report criticizes Tether for allegedly not blocking sanctioned wallets quickly enough.
- Tether disputes claims, stating they have frozen significant amounts of USDT linked to Iranian entities and cooperate with authorities.
- The US government has been actively sanctioning digital platforms used by Iran for financial operations.