US Treasury Sanctions Two Iranian Crypto Exchanges for Money Laundering

The US Department of the Treasury has imposed sanctions on two Iranian cryptocurrency exchanges, BitRss reports. The sanctions target Fara Sama and its CEO, Ramak Hossein Panah, as well as the exchange's affiliate, Mabna Institute.

According to BitRss, this move is part of a broader effort by the US government to combat money laundering and terrorist financing in the cryptocurrency space. The sanctions are designed to prevent Fara Sama from accessing US financial markets and to freeze its assets.

The US Department of the Treasury has stated that Fara Sama has been involved in deceptive practices, including concealing its true ownership structure and engaging in money laundering activities. The department has also accused Mabna Institute of providing services to Fara Sama in support of its illicit activities.