FinCEN warns of Iran using virtual currencies to bypass sanctions

The US Financial Crimes Enforcement Network has warned that Iran might be using cryptocurrencies to evade sanctions.

The regulator has released an advisory to help US financial institutions better detect "potentially illicit transactions" related to Iran. The document forms part of a wider warning about the "Iranian regime's illicit and malign activities and attempts to exploit the financial system" and includes a section on cryptocurrencies.

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