US Treasury designates A7 Network as transnational criminal organization
- —OFAC applied the transnational criminal organization label to a payments network for the first time
- —Treasury says A7 processed over $86 billion in settlements in its first year
- —One sub-agent facilitated nearly $140 million tied to Iranian sanctions evasion
- —The network is linked to Nobitex and a ruble-backed stablecoin, and is run by Ilan Shor
Why it matters: The action gives regulators a concrete case of stablecoins being used for sanctions evasion and will raise compliance costs across exchanges.
Source: Crypto Briefing