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Investigation into US Crypto Exchanges Over Possible Sanctions Evasion Tied to Iran

US authorities have launched an investigation into several cryptocurrency exchanges for suspected violations of sanctions related to Iran.

The scrutiny follows a significant increase in crypto activities within Iran, where estimated transaction volumes surged to between $8 billion and $10 billion over the past year.

Reports indicate that both government-linked and everyday users in Iran are increasingly turning to digital assets to bypass traditional financial systems.

Blockchain analytics firms TRM Labs and Chainalysis have documented this growth, revealing that crypto usage in Iran has consistently risen despite heavy restrictions.

US Treasury officials are particularly focused on establishing whether unnamed crypto platforms have facilitated the evasion of sanctions by allowing Iranian organizations to transfer money overseas.

Ari Redbord from TRM Labs confirmed that the US Treasury is actively analyzing the role of digital assets in enabling sanctions breaches.

As the investigation unfolds, Nobitex, Iran's largest cryptocurrency exchange, has reported that about 15 million Iranians are now involved in crypto activities.

Many users view cryptocurrencies as a secure method to store value amid the declining Iranian rial.

Data indicates that some funds have been moving from local exchanges to international platforms, serving as a gradual method for capital exit rather than a sudden withdrawal.

Although Nobitex admits that some users may utilize crypto for international transfers, it insists on employing monitoring systems to detect suspicious activities and safeguard user assets.