Iran is relying on cryptocurrency and black market oil sales to cushion the impact of Western sanctions.
The Jerusalem Post reported that experts from the firm NOMINIS confirmed that Tehran has built a parallel financial network that helps sustain the regime despite sanctions pressure on its banking and energy sectors.
Snir Levi, CEO of NOMINIS, said Iran uses oil sales to Russia and China to generate revenue, with portions of the proceeds moved through cryptocurrency channels.
He said funds are often routed through intermediary countries before reaching regional allies and proxy groups.
"The industry of cryptocurrency in Gaza has been flourishing since Oct. 7, [2023,] since there is no other option to move funds," Levi said.
"We estimate," Levi added, "that the amount incoming and outgoing over the year has exceeded $100 million in cryptocurrencies [alone] … That's a huge amount compared to the usual economy of Gaza."
Global regulators have pushed for tighter oversight of crypto exchanges to prevent money laundering and terror financing.
Levi said a significant share of crypto funds tied to Gaza passed through the exchange Binance, and Israeli authorities have seized hundreds of related accounts in recent years.
Binance founder Changpeng Zhao pleaded guilty in 2023 to anti-money-laundering violations connected to the platform.
Dennis Citrinowicz, a researcher at the Institute for National Security Studies, told the Post that sanctions have strained Iran's economy but have not shifted its core policies.
Sanctions are "a constraint mechanism, not a coercive silver bullet to topple the Iranian regime," he said.
Charlotte Cobb, head of content at NOMINIS, said cryptocurrency transactions are traceable despite perceptions that they are anonymous.
Using blockchain data, open-source intelligence, and other analytical tools, she said investigators can identify individuals behind digital wallets.
The report highlighted how encrypted platforms and cryptocurrency payments can be used to move funds and coordinate activities across borders, underscoring the challenges regulators face in limiting Iran's financial networks.
The U.S. and Iran held another round of discussions over Iran's nuclear program on Tuesday in the latest meeting of a long series that have produced few substantive results.
Jim Mishler ✉
Jim Mishler, a seasoned reporter, anchor and news director, has decades of experience covering crime, politics and environmental issues.
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