The US has warned shipping companies of sanctions for dealing with Iran over the Strait of Hormuz, banning crypto payments. OFAC specified payment forms that could trigger sanctions, including cash and virtual assets. This move aims to block Iran after it closed the strait and seeks to collect detour fees from ships.
Iran’s major cryptocurrency exchange, Nobitex, is linked to the IRGC and used as a conduit for funds to evade Western economic sanctions. The exchange allows Iranian citizens to trade cryptocurrencies and bypass the devalued rial and inflation. Nobitex facilitates the Iranian state’s transfer of funds to allies outside the conventional banking system.