FinCEN encourages the crypto currency exchange to report Iranian efforts to circumvent U.S. sanctions


FinCEN encourages the crypto currency exchange to report Iranian efforts to circumvent U.S. sanctions

Network on struggle against financial crimes of the United States (FinCEN) called on the crypto currency exchange among other financial market participants to monitor possible attempts by Iran to circumvent us sanctions, using the cryptocurrency.

FinCEN, which is part of the Treasury Department of the United States, reports that in 2013 the share of Iran accounted for transactions in bitcoins no less than $3.8 million

Despite the fact that cryptocurrency in Iran, “not too common”, the paper suggests that individuals and organizations in Iran might try to use it as a way to circumvent the sanctions.

In particular, the Iranians, despite a ban, use of local crypto currency exchange, p2p platforms and foreign exchanges, including those located in the United States. In this regard, FinCEN encourages the crypto currency exchange to track transactions coming from Iran or leading the country. It is recommended to monitor IP addresses, session, device identifiers and other data that “can give authorities useful information”.

About the reaction of kryptomere on these requests is still unknown. On the one hand, the same Kraken did not spare sarcasm for the General Prosecutor’s office of the state of new York, first refusing to provide her with information about their activities, and then ridiculed her published research results.

On the other hand, in this case we are talking about foreign Affairs, which at any moment may be matters of national security, which in the US the joke is not very accepted.

Recall that in early September it became known that Tehran has taken the decision to completely change the policy in relation to the mining of cryptocurrencies. Authorities came to the conclusion that it was a completely legal activity, supported by relevant legal framework.

And in August it became known that the launch of the national Iranian cryptocurrency received the approval of President Hussain Rouhani. Faced with the threat of the introduction of new U.S. sanctions, Iran has considered cryptocurrency is one of the ways that will allow these sanctions to work around.

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