US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance
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US hits Iran's crypto network with sanctions after Strait of Hormuz attacks Photograph: (WION Web Desk)
The US has sanctioned six entities and one individual over an alleged Iranian crypto network used to move billions of dollars. Washington also offered up to $15 million for information on the IRGC's financial networks.
The United States has imposed sanctions on six entities and one individual linked to what it described as Iran's illicit digital asset network, accusing Tehran of using cryptocurrency channels to move billions of dollars and maintain international financial connections. The move comes days after Iran allegedly attacked commercial vessels in the Strait of Hormuz.
Two crypto exchanges targeted
US State Department spokesperson Tommy Pigott said the sanctions target two major digital asset exchanges that Washington claims are used by the Iranian regime to maintain access to the international financial system.
The measures also target what the State Department described as the ringleader of a network involved in illicit digital asset activity, along with companies linked to him across multiple jurisdictions.
"The Iranian regime launders billions of dollars by moving illicit funds through various channels, including digital asset exchanges," Pigott said.
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He added that Washington would continue working to cut off the financial resources Iran needs to threaten neighbouring countries, support terrorism and advance its nuclear programme.
$15 million reward for intel on Iran’s IRGC financial network
Alongside the sanctions, the State Department said its Rewards for Justice programme is offering up to $15 million for information that helps disrupt the financial mechanisms of Iran's Islamic Revolutionary Guard Corps (IRGC) and its affiliated branches.
The sanctions were imposed under Executive Order 13902, which targets individuals and entities operating in Iran's financial and petroleum sectors, and Executive Order 13224, a counterterrorism authority used against terrorism financing networks.
Move follows Strait of Hormuz attacks
Washington said the latest sanctions were directly linked to Iran's attacks on commercial shipping in the Strait of Hormuz earlier this week. The waterway has become a major flashpoint in the confrontation between the two countries, with its security and reopening also emerging as a key issue in discussions between Washington and Tehran.
The sanctions come just a day after President Donald Trump said he believed the conflict with Iran could end “pretty soon.”
Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.
