Tether is touting its countermeasures against the rogue regime of Iran in line with the ongoing sanctions being applied by the US.
According to a post by Tether, nearly $550 million in Iran-linked USD₮ has been frozen since the beginning of the year.
Around $344 million was frozen across two addresses in April, which were later deemed affiliated with the Central Bank of Iran. In July, Tether froze $130 million in four separate wallets, again determined to be part of the sanction-evasion tactics used by Iran.
The US Department of the Treasury recently tightened the screws on Iran under Operation Economic Outcast, which seeks to compel Iran to accept a diplomatic solution to the conflict while halting its ambition of possessing nuclear bombs and fostering instability across the world as it supports terror groups.
Tether CEO Paolo Ardoino says their actions against Iran show they are not a haven for criminals and terrorist networks.
“Public blockchains provide authorities with a level of visibility into the movement of funds that simply does not exist with cash, and Tether can act when credible information is provided by law enforcement. As governments intensify efforts to disrupt sanctions evasion and terrorist financing, we remain in regular and direct coordination with authorities in the United States and around the world to help ensure that illicit funds can be identified and frozen.”
Operation Economic Outcast was revealed in late August by Secretary of the Treasury Scott Bessent. Described as “Economic D-Day,” Bessent shared that Treasury has mapped the networks, facilitators, and financial channels that Iran uses to smuggle oil, evade sanctions, and fund terror. This includes crypto networks. Treasury is working with global partners like the UK and the EU to undermine the regime’s illicit activities.
On September 17th, Treasury’s Office of Foreign Assets Control (OFAC) designated BitBank for flouting the sanctions and using digital assets to evade detection. BitBank’s developer, Pishtaz Simorgh Electronic Trade Company (Pishtaz Simorgh), and three associates of Zanjani: Hossein Ali Zaker Hossein, Mohammad Mahdi Zaker Hossein, and Seyed Adel Heidari were determined to be involved in the effort.
Treasury stated that it will continue to target not only the Iranian digital asset ecosystem, but also international entities and actors that help facilitate it.
While Operation Economic Outcast has reportedly been effective in further isolating Iran, adversaries such as China, a country that ignores the sanctions, and others have undermined the US’s policy goals in dealing with the regime.
