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demand",[542],{"__typename":382,"image":543,"mobileImage":549},[544],{"title":545,"url":546,"alt":547,"width":388,"height":548},"Sj objio Ecxd9 F Eo2 Kk unsplash 1","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fsj-objio-Ecxd9FEo2Kk-unsplash-1.jpg","A close-up of a laptop screen displaying a video call interface with various participant windows and controls in a dark theme.",600,[],{"buttonLink":551,"headerDropdownVariant":394,"title":553,"primaryLinksSubDropdown":554,"primaryLinks":573,"minorLinks":596,"plainText":609,"buttonLink2":610,"plainText2":614,"asset":615},[552],{"title":123,"ariaLabel":11,"target":11,"linkUrl":124,"text":11,"__typename":125},"Resources",[555,561,567],{"image":556,"buttonLink":557,"plainText":559,"title":11,"buttonLinks":560},[],[558],{"title":11,"ariaLabel":11,"target":11,"linkUrl":130,"text":131,"__typename":14},"From quick guides to trend forecasting and deep 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story",[611],{"title":11,"ariaLabel":11,"target":11,"linkUrl":612,"text":613,"__typename":378},"https:\u002F\u002Fwww.elliptic.co\u002Fcustomer-stories\u002Fglobal-crypto-exchange-realizes-31m-efficiency-gain-through-compliance-transformation-with-elliptic\u002F","Global crypto exchange realizes $3.1M efficiency gain with Elliptic","Uncover the story",[616],{"__typename":382,"image":617,"mobileImage":622},[618],{"title":619,"url":620,"alt":621,"width":388,"height":548},"Sj objio Ecxd9 F Eo2 Kk unsplash 1 2","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fsj-objio-Ecxd9FEo2Kk-unsplash-1-2.jpg","Rows of dark green stadium seats arranged in a pattern, set against a dim background, creating a sense of depth and emptiness.",[],[624],{"title":11,"ariaLabel":11,"target":11,"linkUrl":625,"text":626,"__typename":14},"https:\u002F\u002Fwww.elliptic.co\u002Fget-started\u002F","Get a demo",[628],{"title":629,"ariaLabel":11,"target":11,"linkUrl":124,"text":11,"__typename":630},"Company & Careers","buttonLink2_Custom_LinkType",[632,635,638,641],{"buttonLink":633},[634],{"title":11,"ariaLabel":11,"target":11,"linkUrl":160,"text":161,"__typename":14},{"buttonLink":636},[637],{"title":11,"ariaLabel":11,"target":11,"linkUrl":165,"text":166,"__typename":14},{"buttonLink":639},[640],{"title":11,"ariaLabel":11,"target":11,"linkUrl":175,"text":176,"__typename":14},{"buttonLink":642},[643],{"title":11,"ariaLabel":11,"target":11,"linkUrl":180,"text":181,"__typename":14},{"url":645},"https:\u002F\u002Fapp.elliptic.co\u002F?_gl=1*7ha9nv*_gcl_aw*R0NMLjE3ODE2OTM0OTcuQ2owS0NRandpOG5SQmhEaEFSSXNBSFpmX3BiZDZ3X1N5dlRaWEw0Y0x4Njd2YXBDelZrYzZwYjRqYnZFWGFvYVlGSExKdUNUMlVad01qWWFBZ3VSRUFMd193Y0I.*_gcl_au*MTMzNjMwMTA3MC4xNzgxNjkzNDk3","We’re hiring! Join us and make a move that matters",{"url":175,"target":11},true,{"__typename":650,"siteName":651,"uri":652,"id":653,"title":654,"url":655,"postDate":656,"dateUpdated":657,"slug":658,"sectionHandle":659,"ancestors":660,"authorSelect":661,"asset":675,"categoryTopics":685,"categoryNewsTypes":692,"categoryIndustries":693,"categoryRegions":697,"seo":698,"articleContentArea":707,"faqs":728,"articleSelect":729,"plainText":11,"plainText2":11,"buttonLink":730},"article_Entry","Elliptic","insights\u002Fofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations","17329","OFAC sanctions exchanges Zedcex and Zedxion for assisting in Iranian sanctions evasion and IRGC operations","https:\u002F\u002Fwww.elliptic.co\u002Finsights\u002Fofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations\u002F","2026-01-30T17:26:30+00:00","2026-07-14T17:30:44+01:00","ofac-sanctions-exchanges-zedcex-and-zedxion-for-assisting-in-iranian-sanctions-evasion-and-irgc-operations","insightsResearch",[],[662],{"title":651,"uri":663,"plainText":11,"textBlock":664,"image":666,"externalLink":11,"plainText2":672,"entry":673},"authors\u002Felliptic",{"rawHtml":665},"\u003Cp>Here we discuss cryptoasset compliance, blockchain analysis, financial crime, sanctions regulation, and how Elliptic supports our crypto business and financial services customers with solutions.\u003C\u002Fp>",[667],{"title":668,"url":669,"alt":670,"width":671,"height":671},"Apple touch icon","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fapple-touch-icon.png","Stylized letter \"E\" in a 3D effect, set against a gradient green background.",180,"Stay ahead with exclusive insight from our experts.",[674],{"uri":192},[676],{"__typename":382,"image":677,"mobileImage":684},[678],{"title":679,"url":680,"alt":681,"width":682,"height":683},"Iran USDT acquisition","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002FIran-USDT-acquisition.png","A stylized illustration of a building with a flag featuring the emblem of Iran and a cryptocurrency coin.",1773,987,[],[686,689],{"title":687,"slug":688},"Sanctions","sanctions",{"title":690,"slug":691},"Crypto Crime","crypto-crime",[],[694],{"title":695,"slug":696},"Law Enforcement","law-enforcement",[],{"title":699,"description":700,"advanced":701,"keywords":703,"social":704},"OFAC sanctions exchanges Zedcex and Zedxion for assisting in Iranian sanctions evasion and IRGC operations | Elliptic","OFAC designated crypto exchanges Zedcex and Zedxion for facilitating Iran sanctions evasion, marking its first action against exchanges in Iran's economy.",{"canonical":11,"robots":702},[],[],{"facebook":705,"twitter":706},{"description":700,"title":699},{"description":700,"title":699},[708],{"articleContentAreaBlocks":709},[710,716,724],{"__typename":711,"textBlock":712},"textBlock_Entry",{"html":713,"rawHtml":713,"markdown":714,"plainText":715},"\u003Cp>On January 30, 2025, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) \u003Ca href=\"https:\u002F\u002Fofac.treasury.gov\u002Frecent-actions\u002F20260130\">\u003Cspan>sanctioned\u003C\u002Fspan>\u003C\u002Fa> two UK-registered companies operating as unauthorized crypto exchanges, Zedcex and Zedxion, for their involvement in facilitating financial activity that allowed Iran to evade sanctions.\u003C\u002Fp>\n\u003Cp>In addition, OFAC sanctioned seven Iranian individuals, six of whom are said to be connected to Iran’s Islamic Revolutionary Guard Corps (IRGC), the regime’s flagship security organization.\u003C\u002Fp>\n\u003Cp>According to \u003Ca href=\"https:\u002F\u002Fhome.treasury.gov\u002Fnews\u002Fpress-releases\u002Fsb0375\">\u003Cspan>OFAC\u003C\u002Fspan>\u003C\u002Fa>, the individuals listed in today’s designation are “responsible for the regime’s brutal crackdown on its own people.” This refers to Iran’s suppression of the civil riots that began in late December 2025. According to \u003Ca href=\"https:\u002F\u002Fwww.iranintl.com\u002Fen\u002F202601255198\">\u003Cspan>reports\u003C\u002Fspan>\u003C\u002Fa>, more than 36,000 citizens died within two days (January 8-9) from the regime’s violent repression of the protests. \u003C\u002Fp>\n\u003Cblockquote>\n\u003Cp>Elliptic has taken urgent action to ensure that addresses that were included in the latest designations are available to screen and trace using our next-generation holistic blockchain analytics technology. Customers will now be able to ensure that they do not inadvertently process funds originating from, or being sent to, these designated addresses.\u003C\u002Fp>\n\u003C\u002Fblockquote>\n\u003Cp>In addition to these exchanges and individuals, OFAC sanctioned Babak Zanjani, who OFAC reports was “freed from imprisonment in order to launder money for the regime.”\u003C\u002Fp>\n\u003Cp>According to the press release, Zanjani has provided financial support for major IRGC projects and the Iranian regime as a whole. Zanjani is reportedly connected to Zedcex and Zedxion, both of which have processed funds linked to the IRGC. Per the press release: “This marks OFAC’s first designation of a digital asset exchange for operating in the financial sector of the Iranian economy.”\u003C\u002Fp>\n\u003Cp>Today’s designations come in the wake of recent American and European sanctions against Iran and the IRGC. On January 29, the Council of the European Union \u003Ca href=\"https:\u002F\u002Fwww.consilium.europa.eu\u002Fen\u002Fpress\u002Fpress-releases\u002F2026\u002F01\u002F29\u002Firan-council-adopts-new-sanctions-over-serious-human-rights-violations-and-iran-s-continued-support-to-russia-s-war-of-aggression-against-ukraine\u002F\">\u003Cspan>sanctioned\u003C\u002Fspan>\u003C\u002Fa> 15 individuals and six entities (some of which are related to the IRGC) for “serious human rights violations and Iran’s continued support to Russia’s war of aggression against Ukraine.”\u003C\u002Fp>\n\u003Cp>In September, OFAC \u003Ca href=\"https:\u002F\u002Fhome.treasury.gov\u002Fnews\u002Fpress-releases\u002Fsb0248\">\u003Cspan>sanctioned\u003C\u002Fspan>\u003C\u002Fa> a cryptoasset-enabled financial network for\u003Ca href=\"\u002Finsights\u002Fofac-sanctions-a-crypto-enabled-financial-network-for-facilitating-iranian-oil-smuggling\">\u003Cspan> facilitating Iranian oil smuggling\u003C\u002Fspan>\u003C\u002Fa>, listing Alireza Derakhshan and Arash Estaki Alivand “for their roles in coordinating funds transfers, including from the sale of Iranian oil, that benefits the IRGC-Qods Force (QF), and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL).”\u003C\u002Fp>\n\u003Cp>Zedcex was indirectly sanctioned in September 2025 by Israel’s National Bureau for Counter Terror Financing (NBCTF’s \u003Ca href=\"https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Ffiles\u002F%D7%A6%D7%AA-43-25.pdf\">\u003Cspan>ASO 41\u002F25\u003C\u002Fspan>\u003C\u002Fa>), when the latter published 187 crypto addresses \u003Ca href=\"\u002Finsights\u002Fisrael-links-crypto-wallets-that-received-15-billion-to-irans-revolutionary-guard\">\u003Cspan>affiliated to the IRGC\u003C\u002Fspan>\u003C\u002Fa>.\u003C\u002Fp>\n\u003Cp>Of these, five addresses were listed today by OFAC as belonging to Zedcex and Zedxion. Below are the seven addresses OFAC listed today; the final address was previously blacklisted by Tether in June 2025.\u003C\u002Fp>\n\u003Cul>\n\u003Cli>TGsNFrgWfbGN2gX25Wcf8oTejtxtQkvmEx\u003C\u002Fli>\n\u003Cli>TTS9o5KkpGgH8cK9LofLmMAPYb5zfQvSNa\u003C\u002Fli>\n\u003Cli>TCzq6m2zxnQkrZrf8cqYcK6bbXQYAfWYKC\u003C\u002Fli>\n\u003Cli>TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE\u003C\u002Fli>\n\u003Cli>TNuA5CQ6LB4jTHoNrjEeQZJmcmhQuHMbQ7\u003C\u002Fli>\n\u003Cli>TASWbk6X1wiTku5TMmMQYqYFvshVEtfJy8\u003C\u002Fli>\n\u003Cli>TCA9vmjsYw9MtPKEwRBtGhKFRfr4CLxJAv\u003C\u002Fli>\n\u003C\u002Ful>\n\u003Cp>The seven addresses listed today by OFAC have processed more than $389 million, with a single address, TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE, having received $149.3 million.\u003C\u002Fp>\n\u003Cp>Babak Zanjani recently disclosed documents describing purchases of the USDT stablecoin by Iran’s central bank. Elliptic’s \u003Ca href=\"\u002Finsights\u002Fthe-central-bank-of-iran-has-acquired-us-dollar-stablecoins-worth-at-least-half-a-billion-dollars\">\u003Cspan>analysis\u003C\u002Fspan>\u003C\u002Fa> of these transactions uncovered at least $507 million in total USDT acquisitions, likely used by the Central Bank of Iran to support the value of the rial.\u003C\u002Fp>","On January 30, 2025, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) [\u003Cspan>sanctioned\u003C\u002Fspan>](https:\u002F\u002Fofac.treasury.gov\u002Frecent-actions\u002F20260130) two UK-registered companies operating as unauthorized crypto exchanges, Zedcex and Zedxion, for their involvement in facilitating financial activity that allowed Iran to evade sanctions.\n\nIn addition, OFAC sanctioned seven Iranian individuals, six of whom are said to be connected to Iran’s Islamic Revolutionary Guard Corps (IRGC), the regime’s flagship security organization.\n\nAccording to [\u003Cspan>OFAC\u003C\u002Fspan>](https:\u002F\u002Fhome.treasury.gov\u002Fnews\u002Fpress-releases\u002Fsb0375), the individuals listed in today’s designation are “responsible for the regime’s brutal crackdown on its own people.” This refers to Iran’s suppression of the civil riots that began in late December 2025. According to [\u003Cspan>reports\u003C\u002Fspan>](https:\u002F\u002Fwww.iranintl.com\u002Fen\u002F202601255198), more than 36,000 citizens died within two days (January 8-9) from the regime’s violent repression of the protests.\n\n> Elliptic has taken urgent action to ensure that addresses that were included in the latest designations are available to screen and trace using our next-generation holistic blockchain analytics technology. Customers will now be able to ensure that they do not inadvertently process funds originating from, or being sent to, these designated addresses.\n\nIn addition to these exchanges and individuals, OFAC sanctioned Babak Zanjani, who OFAC reports was “freed from imprisonment in order to launder money for the regime.”\n\nAccording to the press release, Zanjani has provided financial support for major IRGC projects and the Iranian regime as a whole. Zanjani is reportedly connected to Zedcex and Zedxion, both of which have processed funds linked to the IRGC. Per the press release: “This marks OFAC’s first designation of a digital asset exchange for operating in the financial sector of the Iranian economy.”\n\nToday’s designations come in the wake of recent American and European sanctions against Iran and the IRGC. On January 29, the Council of the European Union [\u003Cspan>sanctioned\u003C\u002Fspan>](https:\u002F\u002Fwww.consilium.europa.eu\u002Fen\u002Fpress\u002Fpress-releases\u002F2026\u002F01\u002F29\u002Firan-council-adopts-new-sanctions-over-serious-human-rights-violations-and-iran-s-continued-support-to-russia-s-war-of-aggression-against-ukraine\u002F) 15 individuals and six entities (some of which are related to the IRGC) for “serious human rights violations and Iran’s continued support to Russia’s war of aggression against Ukraine.”\n\nIn September, OFAC [\u003Cspan>sanctioned\u003C\u002Fspan>](https:\u002F\u002Fhome.treasury.gov\u002Fnews\u002Fpress-releases\u002Fsb0248) a cryptoasset-enabled financial network for[\u003Cspan> facilitating Iranian oil smuggling\u003C\u002Fspan>](\u002Finsights\u002Fofac-sanctions-a-crypto-enabled-financial-network-for-facilitating-iranian-oil-smuggling), listing Alireza Derakhshan and Arash Estaki Alivand “for their roles in coordinating funds transfers, including from the sale of Iranian oil, that benefits the IRGC-Qods Force (QF), and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL).”\n\nZedcex was indirectly sanctioned in September 2025 by Israel’s National Bureau for Counter Terror Financing (NBCTF’s [\u003Cspan>ASO 41\u002F25\u003C\u002Fspan>](https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Ffiles\u002F%D7%A6%D7%AA-43-25.pdf)), when the latter published 187 crypto addresses [\u003Cspan>affiliated to the IRGC\u003C\u002Fspan>](\u002Finsights\u002Fisrael-links-crypto-wallets-that-received-15-billion-to-irans-revolutionary-guard).\n\nOf these, five addresses were listed today by OFAC as belonging to Zedcex and Zedxion. Below are the seven addresses OFAC listed today; the final address was previously blacklisted by Tether in June 2025.\n\n- TGsNFrgWfbGN2gX25Wcf8oTejtxtQkvmEx\n- TTS9o5KkpGgH8cK9LofLmMAPYb5zfQvSNa\n- TCzq6m2zxnQkrZrf8cqYcK6bbXQYAfWYKC\n- TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE\n- TNuA5CQ6LB4jTHoNrjEeQZJmcmhQuHMbQ7\n- TASWbk6X1wiTku5TMmMQYqYFvshVEtfJy8\n- TCA9vmjsYw9MtPKEwRBtGhKFRfr4CLxJAv\n\nThe seven addresses listed today by OFAC have processed more than $389 million, with a single address, TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE, having received $149.3 million.\n\nBabak Zanjani recently disclosed documents describing purchases of the USDT stablecoin by Iran’s central bank. Elliptic’s [\u003Cspan>analysis\u003C\u002Fspan>](\u002Finsights\u002Fthe-central-bank-of-iran-has-acquired-us-dollar-stablecoins-worth-at-least-half-a-billion-dollars) of these transactions uncovered at least $507 million in total USDT acquisitions, likely used by the Central Bank of Iran to support the value of the rial.","On January 30, 2025, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned two UK-registered companies operating as unauthorized crypto exchanges, Zedcex and Zedxion, for their involvement in facilitating financial activity that allowed Iran to evade sanctions.\n\nIn addition, OFAC sanctioned seven Iranian individuals, six of whom are said to be connected to Iran’s Islamic Revolutionary Guard Corps (IRGC), the regime’s flagship security organization.\n\nAccording to OFAC, the individuals listed in today’s designation are “responsible for the regime’s brutal crackdown on its own people.” This refers to Iran’s suppression of the civil riots that began in late December 2025. According to reports, more than 36,000 citizens died within two days (January 8-9) from the regime’s violent repression of the protests.\n\n> Elliptic has taken urgent action to ensure that addresses that were included in the latest designations are available to screen and trace using our next-generation holistic blockchain analytics technology. Customers will now be able to ensure that they do not inadvertently process funds originating from, or being sent to, these designated addresses.\n\nIn addition to these exchanges and individuals, OFAC sanctioned Babak Zanjani, who OFAC reports was “freed from imprisonment in order to launder money for the regime.”\n\nAccording to the press release, Zanjani has provided financial support for major IRGC projects and the Iranian regime as a whole. Zanjani is reportedly connected to Zedcex and Zedxion, both of which have processed funds linked to the IRGC. Per the press release: “This marks OFAC’s first designation of a digital asset exchange for operating in the financial sector of the Iranian economy.”\n\nToday’s designations come in the wake of recent American and European sanctions against Iran and the IRGC. On January 29, the Council of the European Union sanctioned 15 individuals and six entities (some of which are related to the IRGC) for “serious human rights violations and Iran’s continued support to Russia’s war of aggression against Ukraine.”\n\nIn September, OFAC sanctioned a cryptoasset-enabled financial network for facilitating Iranian oil smuggling, listing Alireza Derakhshan and Arash Estaki Alivand “for their roles in coordinating funds transfers, including from the sale of Iranian oil, that benefits the IRGC-Qods Force (QF), and Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL).”\n\nZedcex was indirectly sanctioned in September 2025 by Israel’s National Bureau for Counter Terror Financing (NBCTF’s ASO 41\u002F25), when the latter published 187 crypto addresses affiliated to the IRGC.\n\nOf these, five addresses were listed today by OFAC as belonging to Zedcex and Zedxion. Below are the seven addresses OFAC listed today; the final address was previously blacklisted by Tether in June 2025.\n\n- TGsNFrgWfbGN2gX25Wcf8oTejtxtQkvmEx\n- TTS9o5KkpGgH8cK9LofLmMAPYb5zfQvSNa\n- TCzq6m2zxnQkrZrf8cqYcK6bbXQYAfWYKC\n- TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE\n- TNuA5CQ6LB4jTHoNrjEeQZJmcmhQuHMbQ7\n- TASWbk6X1wiTku5TMmMQYqYFvshVEtfJy8\n- TCA9vmjsYw9MtPKEwRBtGhKFRfr4CLxJAv\n\nThe seven addresses listed today by OFAC have processed more than $389 million, with a single address, TLvuvpfBKdxddxSsJefeiGCe9eVY8HUroE, having received $149.3 million.\n\nBabak Zanjani recently disclosed documents describing purchases of the USDT stablecoin by Iran’s central bank. Elliptic’s analysis of these transactions uncovered at least $507 million in total USDT acquisitions, likely used by the Central Bank of Iran to support the value of the rial.",{"__typename":717,"heading":718},"headingBlock_Entry",[719],{"headingTextBlock":720,"headingType":722,"headingStyle":722,"animated":723},{"rawHtml":721},"The power of blockchain transparency","h2",false,{"__typename":711,"textBlock":725},{"html":726,"rawHtml":726,"markdown":727,"plainText":727},"\u003Cp>The inherent transparency of blockchain technology enables comprehensive visibility into financial flows, empowering all ecosystem participants to play a crucial role in identifying and reducing illicit funds.\u003C\u002Fp>\n\u003Cp>When authorities and industry work together with speed and precision, we can ensure customers remain safe and secure while maintaining the integrity of the digital asset ecosystem.\u003C\u002Fp>","The inherent transparency of blockchain technology enables comprehensive visibility into financial flows, empowering all ecosystem participants to play a crucial role in identifying and reducing illicit funds.\n\nWhen authorities and industry work together with speed and precision, we can ensure customers remain safe and secure while maintaining the integrity of the digital asset ecosystem.",[],[],[],[732,788,816,844,868,898,927,953,981],{"id":733,"uri":734,"title":735,"postDate":736,"__typename":650,"asset":737,"categoryTopics":746,"categoryNewsTypes":753,"categoryIndustries":754,"categoryRegions":768,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":772,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"151025","insights\u002Fcrypto-regulatory-affairs-us-operation-economic-outcast-looks-to-squeeze-irans-crypto-activity","Crypto regulatory affairs: US Operation Economic Outcast looks to squeeze Iran’s crypto activity","2026-09-01T15:32:00+01:00",[738],{"__typename":382,"image":739,"mobileImage":745},[740],{"title":741,"url":742,"alt":11,"width":743,"height":744},"Crypto regulatory affairs Sept 26","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002FCrypto-regulatory-affairs-Sept-26.png",720,380,[],[747,750],{"title":748,"slug":749},"Regulation","regulation",{"title":751,"slug":752},"Regulation & policy","regulation-policy",[],[755,758,761,764,765],{"title":756,"slug":757},"Financial Institutions","financial-services",{"title":759,"slug":760},"Governments & Regulators","regulators-government",{"title":762,"slug":763},"Crypto Companies","crypto-businesses",{"title":695,"slug":696},{"title":766,"slug":767},"Payment Service Providers","payment-service-providers",[769],{"title":770,"slug":771},"Global","global",[773],{"title":774,"uri":775,"plainText":776,"textBlock":777,"image":779,"externalLink":11,"plainText2":672,"entry":786},"David Carlisle","authors\u002Fdavid-carlisle","Vice President of Policy and Regulatory Affairs",{"rawHtml":778},"\u003Cp>David is the Vice President of Policy and Regulatory Affairs at Elliptic. He brings a wealth of experience to the role, having previously worked for the US Department of the Treasury. David's expertise extends to the Asia-Pacific region, where he acted as a liaison for the Treasury when engaging with governments on financial crime issues.\u003C\u002Fp>",[780],{"title":781,"url":782,"alt":783,"width":784,"height":785},"David C","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Fauthors\u002FDavid-C.webp","Image features a professional headshot with a neutral background, emphasizing the subject's face and upper body.",130,128,[787],{"uri":192},{"id":789,"uri":790,"title":791,"postDate":792,"__typename":650,"asset":793,"categoryTopics":803,"categoryNewsTypes":806,"categoryIndustries":807,"categoryRegions":808,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":809,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"107351","insights\u002Fthe-fall-of-a7a5-how-sanctions-strangled-the-ruble-stablecoin","The fall of A7A5: how sanctions strangled the ruble 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work","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002Fhow-bitcoin-atm-scams-work.webp","A stylized magnifying glass icon with a heartbeat line inside, surrounded by abstract lines and small Bitcoin symbols in various colors.",[],[830],{"title":690,"slug":691},[],[],[834],{"title":835,"slug":836},"Americas","americas",[838],{"title":651,"uri":663,"plainText":11,"textBlock":839,"image":840,"externalLink":11,"plainText2":672,"entry":842},{"rawHtml":665},[841],{"title":668,"url":669,"alt":670,"width":671,"height":671},[843],{"uri":192},{"id":845,"uri":846,"title":847,"postDate":848,"__typename":650,"asset":849,"categoryTopics":856,"categoryNewsTypes":858,"categoryIndustries":859,"categoryRegions":860,"categoryWebinarTypes":11,"categoryEventTypes":11,"authorSelect":861,"date":11,"date2":11,"plainText":11,"externalUrl":11,"private":11},"109774","insights\u002Fbehind-the-fbi-case-against-huione","Behind the FBI case against Huione: the $134 billion marketplace and money laundering operation exposed by Elliptic","2026-06-24T10:18:00+01:00",[850],{"__typename":382,"image":851,"mobileImage":855},[852],{"title":853,"url":854,"alt":11,"width":800,"height":801},"Huione blog 2026 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720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002FIran-compliance-blog_720x380_2026-07-14-161752_mpnj.png","Abstract digital design featuring three icons on a circuit-like background: a warning sign, a clock, and a heartbeat monitor, with binary 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typologies 720x380","https:\u002F\u002Fd13k95gd4bp92z.cloudfront.net\u002Fimages\u002Farticle-images\u002F31_Crypto-risk-typologies_720x380_2026-07-14-161406_zehw.png","A digital illustration featuring glowing cubes with various symbols representing finance, security, and technology against a binary 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is indirect sanctions exposure?",{"rawHtml":1134},"Indirect exposure is risk that arises when funds are connected to a sanctioned entity through one or more intermediate transactions, rather than coming directly from them. It can still create compliance risk even several hops away.",[1136],{"title":1137,"slug":1138},"Indirect Exposure","indirect-exposure",[1140],{"title":687,"slug":688},{"title":1142,"textBlock":1143,"categoryFaqs":1145,"categoryTopics":1149},"Why do ruble-backed stablecoins make this important?",{"rawHtml":1144},"They can carry value linked to sanctioned Russian actors, so a firm can become exposed without transacting with a sanctioned party directly. Detecting that link requires tracing exposure across hops.",[1146],{"title":1147,"slug":1148},"Ruble Stablecoins","ruble-stablecoins",[1150],{"title":687,"slug":688},{"title":1152,"textBlock":1153,"categoryFaqs":1155,"categoryTopics":1157},"How does Elliptic help identify indirect exposure?",{"rawHtml":1154},"Elliptic assesses how closely a wallet or transaction is connected to sanctioned entities across multiple hops and chains, so teams can configure rules that account for indirect as well as direct exposure.",[1156],{"title":1137,"slug":1138},[1158],{"title":687,"slug":688},{"title":1160,"textBlock":1161,"categoryFaqs":1163,"categoryTopics":1167},"What did Elliptic find about Iran and dollar stablecoins?",{"rawHtml":1162},"Elliptic's research indicates Iran-linked actors have acquired US dollar stablecoins worth at least half a billion dollars, showing how sanctioned actors can use stablecoins to access dollar value.",[1164],{"title":1165,"slug":1166},"Iran","iran",[1168],{"title":687,"slug":688},{"title":1170,"textBlock":1171,"categoryFaqs":1173,"categoryTopics":1177},"How can firms detect this kind of exposure?",{"rawHtml":1172},"Through blockchain analytics that attribute activity to sanctioned-linked actors and assess direct and indirect exposure across chains.",[1174],{"title":1175,"slug":1176},"Exposure Screening","exposure-screening",[1178],{"title":687,"slug":688},1788434090672]