Crypto Sanctions Against Iranian Network Exposed

The United States has imposed sanctions on Iranian financiers Alireza Derakhshan and Arash Estaki Alivand, along with numerous firms in Hong Kong and the UAE. U.S. authorities allege these entities coordinated $100 million in cryptocurrency transfers stemming from Iranian oil sales to benefit Iran's government and military.

This development is part of a broader effort to crack down on 'shadow banking' networks that utilize cryptocurrencies and front companies abroad to sidestep economic sanctions. John K. Hurley, Treasury Under Secretary for Terrorism and Financial Intelligence, emphasized America's dedication to disrupting financial streams funding Iran's defense programs and activities.

The sanctions, backed by an executive order from 2017, deny the involved individuals and organizations access to any U.S. property and prohibit American firms and individuals from engaging in business with them. This move underscores the growing trend of using cryptocurrency to evade sanctions globally, with Iran leveraging this means extensively.

(With inputs from agencies.)