US sanctions Bitcoin wallet linked to Iran

• The US Treasury has sanctioned an entity accused of helping Iran move funds using Bitcoin.
• Authorities alleged HormuzSafe facilitated transactions that supported sanctioned Iranian interests.
• The sanctions form part of broader US efforts to disrupt cryptocurrency use for sanctions evasion.

The US Department of the Treasury has imposed sanctions on HormuzSafe, alleging the entity used Bitcoin (CRYPTO:BTC) to help facilitate financial transactions for sanctioned Iranian interests.

According to the Treasury, HormuzSafe enabled cryptocurrency transfers that allegedly supported Iran's efforts to bypass US sanctions, with the measures freezing any US-based assets and generally prohibiting transactions involving the designated entity.

The Treasury said cryptocurrency can be used to move funds across borders, prompting authorities to target digital asset services that they allege assist sanctioned individuals or organisations.

The sanctions are intended to restrict HormuzSafe's access to the US financial system and reinforce existing measures against sanctions evasion involving digital assets.

The US has increasingly targeted cryptocurrency wallets, exchanges and other blockchain-related services that authorities allege are linked to illicit finance, ransomware, terrorism financing or sanctions violations.

The latest action reflects continued efforts by US regulators to monitor the use of Bitcoin (CRYPTO:BTC) and other digital assets in cross-border financial activity involving sanctioned jurisdictions.

At the time of reporting, Bitcoin price was $64,021.78.