Chainalysis: Using cryptocurrency to pay Iran could trigger sanctions.

CoinFeed reported on April 11th, citing Cointelegraph, that blockchain analytics firm Chainalysis stated that shipping companies using cryptocurrency to pay potential transit fees to Iran could face significant sanctions risks. Analysts at the firm pointed out that under current sanctions, any act of providing funds to the Iranian regime could be considered "substantial support," triggering sanctions from the US and other countries. This warning comes against the backdrop of market rumors that Iran might attempt to collect shipping transit fees using cryptocurrency. The analysis states that while crypto assets can bypass the traditional financial system for cross-border payments, their on-chain transactions are highly traceable, making them easier for regulators to identify and track back to the point of fund disbursement. Furthermore, data shows that Iran's Bitcoin hashrate has recently declined significantly, decreasing by approximately 7 EH/s in the past quarter to about 2 EH/s.