3 weeks ago
US sanctions Iran crypto network, offers $15m for IRGC intel
The United States is upset with Iran because it believes Iran is using special internet money, called cryptocurrency, to move billions of dollars in secret.
The US says Iran uses digital money exchanges to stay connected to the world's banks.
To punish Iran, the US placed sanctions on six companies and one person linked to this money network.
Sanctions are rules that stop people or companies from using normal banking systems.
The US is also punishing two major digital money exchange websites it says Iran uses.
The US is offering a big reward of $15 million for helpful information about Iran's Islamic Revolutionary Guard Corps, a powerful Iranian military group.
The reward is part of a program called Rewards for Justice.
This all happened after ships were attacked in the Strait of Hormuz, a very important waterway where many oil ships travel.
The US says it wants to stop Iran from supporting terrorism, threatening other countries, and building nuclear weapons.
The United States imposed sanctions on six entities and one individual linked to Iran's illicit digital asset network.
Washington accuses Tehran of using cryptocurrency channels, including two major digital asset exchanges, to launder billions of dollars.
The sanctions also target the alleged ringleader of the network along with companies linked to him across multiple jurisdictions.
The State Department's Rewards for Justice programme is offering up to $15 million for information that disrupts the IRGC's financial mechanisms.
The move follows alleged Iranian attacks on commercial shipping in the Strait of Hormuz and came a day after President Donald Trump said the conflict could end 'pretty soon.'
- Who
- The United States, acting through the State Department, announced the measures; State Department spokesperson Tommy Pigott and President Donald Trump were cited.
- What
- Sanctions on six entities and one individual tied to Iran's digital asset network, plus a reward of up to $15 million for intelligence on the IRGC's financial mechanisms.
- Where
- Announced by the United States, targeting networks connected to Iran and the Strait of Hormuz.
- When
- Days after alleged Iranian attacks on commercial shipping in the Strait of Hormuz 'earlier this week' and a day after President Trump said the conflict could end 'pretty soon.'
- Why
- Washington says Iran launders billions of dollars through digital assets and uses the funds to threaten neighbouring countries, support terrorism and advance its nuclear programme.
Key facts
- Sanctioned parties
- 6 entities and 1 individual linked to Iran's digital asset network
- Targeted exchanges
- 2 major digital asset exchanges
- Alleged laundered amount
- Billions of dollars
- Reward offered
- Up to $15 million via Rewards for Justice
- Legal authorities
- Executive Order 13902 and Executive Order 13224
- Trigger
- Alleged attacks on commercial vessels in the Strait of Hormuz
- Spokesperson
- State Department spokesperson Tommy Pigott
Quotes
Tommy Pigott
U.S. State Department spokesperson
“He added that Washington would continue working to cut off the financial resources Iran needs to threaten neighboring countries, support terrorism and advance its nuclear programme.”
wionews.com
“The Iranian regime launders billions of dollars by moving illicit funds through various channels, including digital asset exchanges.”
wionews.com
Sources
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