US Watchdog Urges Blockchain Exchanges to Prevent Iran from Using Crypto

American Financial Crimes Enforcement Network (FinCEN) claimed the Iranian regime intends to use decentralized virtual coins to dodge the international sanctions

Fri, 12/10/2018 - 13:58

US Watchdog Urges Blockchain Exchanges to Prevent Iran from Using Crypto

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An American crime-prevention organization, the Financial Crimes Enforcement Network (FinCEN), published an open letter on Friday. FinCEN stated that the Iranian regime intends to use decentralized virtual coins to dodge the sanctions imposed by Donald Trump in August.

The agency addressed regulated crypto exchanges urging them to change their ledgers to prevent Iranian institutions from trading crypto.

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As it became known recently, despite the fact that Iranian authorities are banning crypto exchanges and the use of virtual coins, traders still access P2P exchanges or use the VPN technology to access regular trading platforms.

#Cryptocurrency exchange

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.