"OFAC's alert indicates that digital asset payments tied to the Strait of Hormuz can create significant sanctions exposure for maritime firms and financial institutions, emphasizing that crypto does not reduce legal risk."
"Reports suggest that Iran operates a crypto-based toll system, generating approximately $20 million daily, with Bitcoin being the primary payment method, despite Tether's recent freezing of Iranian-linked assets."
The U.S. Department of the Treasury's Office of Foreign Assets Control issued a warning regarding digital asset payments linked to the Strait of Hormuz. The alert emphasizes that using cryptocurrencies does not mitigate legal risks for maritime firms and financial institutions. Iran is reportedly generating significant revenue through a crypto-based toll system for transit, with Bitcoin as the primary payment method. The warning highlights various payment options that may be demanded by Iran, including cryptocurrencies, and cautions foreign firms about potential secondary sanctions.
Read at news.bitcoin.com
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