A recent report by a major blockchain analytics firm finds that more than 4.5 million unique bitcoin addresses are linked to more than 72,000 unique Iranian IP addresses, which were either involved in direct cryptocurrency transactions or used to query the blockchain to verify funds in cryptocurrency addresses that they control. The report continues to find that many of the identified bitcoin addresses were linked to multiple Iranian IP addresses, indicating the usage of mobile wallets connected to multiple internet sources. A result of this, according to the report, is that financial institutions have little to no visibility into the connection between a bitcoin address and users in sanctioned countries, such as Iran. The report cautions that financial institutions should supplement all sanctions risk mitigation strategies to ensure that cryptocurrencies are not being used to transact with sanctioned countries.
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