Iran’s Ministry of Intelligence Blocks 9,200 Bank Accounts Suspected of Illegal Activities

Iran’s Ministry of Intelligence Blocks 9,200 Bank Accounts

May 17, 2022

Reading Time: 2 minutes

Iran’s Ministry of Intelligence is on a blockage rampage. The institution has disabled over 9,000 bank accounts for suspicion of illegal activity involving cryptocurrency.

Iran’s Blocked Accounts Held Over $1.98 Billion

The ministry specified that 9,219 bank accounts belonging to 545 individuals were blocked. According to the free-market exchange rate, the collective amount in these Iran’s blocked accounts is around 60 trillion Iranian tomans, which is equivalent to $1.98 billion.

The Iranian government was able to identify these accounts by cooperating with the Central Bank and the Judicial Authority. The Judicial Authority gave the judge an order to shut down the accounts.

According to reports, the departments have been monitoring and overseeing the network of illegal foreign exchange brokers, hidden and suspicious foreign exchange transactions, and cryptocurrencies.

Notably, this is not the first set of Iran’s blocked accounts. Last December, the Middle East nation froze 700 “illegal” foreign exchange traders in the country. In this latest blockage announcement, Iran assured its citizens that it would continue accurately monitoring illegal foreign exchange activities and currency codes.

Iran’s Ministry of Intelligence promised it would not only track and deal with the perpetrators of inflammation in the foreign exchange market but also fully implementation of national democratization and equitable distribution of resources.

Iran is Also after Illegal Cryptocurrency Miners

Apart from the foreign exchange market, Iran is also cracking down on cryptocurrency mining. Over the past two years, 7,000 unauthorized mining facilities have been shut down. Some of the blocked accounts in the first nine months of 2021 held 20,000 billion Iranian tomans.

The Iranian government has drafted new rules to increase penalties for illegal cryptocurrency mining to push the crackdown further. The penalties include fines and imprisonment.

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