Office OF Foreign Assets Control

Tether is pushing back against Senate Democratic claims that USDT supported Iran-linked shadow finance, arguing its compliance actions have been faster than official sanctions designations. CEO Paolo Ardoino said the company’s freezes helped drive a 94% decline in Iran-linked stablecoin volumes, while acknowledging that the work is not finished.

The U.S. Treasury has sanctioned Tehran-based crypto exchange BitBank and its software developer over alleged Bitcoin transfers linked to Iran’s Revolutionary Guard Corps. Officials said the exchange also processed some payments connected to safe-passage fees charged to tankers crossing the Strait of Hormuz.