Report Provides New Data On Cryptocurrencies And Sanctions Evasion
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A recent report by a major blockchain analytics firm finds that
more than 4.5 million unique bitcoin addresses are linked to more
than 72,000 unique Iranian IP addresses, which were either involved
in direct cryptocurrency transactions or used to query the
blockchain to verify funds in cryptocurrency addresses that they
control. The report continues to find that many of the identified
bitcoin addresses were linked to multiple Iranian IP addresses,
indicating the usage of mobile wallets connected to multiple
internet sources. A result of this, according to the report, is
that financial institutions have little to no visibility into the
connection between a bitcoin address and users in sanctioned
countries, such as Iran. The report cautions that financial
institutions should supplement all sanctions risk mitigation
strategies to ensure that cryptocurrencies are not being used to
transact with sanctioned countries.
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