The Iranian government chose Bitcoin as a payment method for oil tolls due to its confiscation-resistant properties, but only dollar stablecoins have been used so far. Iran’s government naming Bitcoin (BTC) as a payment method for oil ships crossing the Strait of Hormuz highlights its role as a neutral, strategic asset, according to Sam Lyman, head of research at digital asset advocacy organization Bitcoin Policy Institute (BPI). The government selected BTC as one of the payment methods for the tolls because of its censorship-resistant qualities, Lyman told Cointelegraph. He said: Iran is accepting oil tolls in Chinese yuan, US dollar-pegged stablecoins and BTC. However, there is “no onchain evidence” of a BTC toll payment so far, Lyman said, adding that the “majority” of Iran’s crypto transactions are denominated in US dollar stablecoins. Read more
A handful of oil and gas tankers crossed the Strait of Hormuz on Saturday during a brief reopening, tracking data showed, but others retreated and two were reportedly attacked as Iran closed the route again. The toing and froing over the strait cast doubt on US President Donald Trump’s optimism the day before, that a peace deal to end the US-Israeli war with Iran was “very close”. Iran reversed its pledge to reopen the strait to commercial traffic during a ceasefire in the war to protest an ongoing US counter-blockade of the route, a crucial passage for commodity shipments. During the reopening, at least eight oil and gas tankers crossed the strait early on Saturday after the Iranian announcement on Friday afternoon, data from tracking firm Kpler indicated. However, tracking platform MarineTraffic showed several other crude oil tankers approached the strait but then turned back near Iran’s Larak Island, a checkpoint for vessels seeking to exit the Gulf under Iranian forces’ blockade of the passage. Screengrab...
A letter from US Senator Richard Blumenthal said he was concerned about “mounting allegations of dangerously lax anti-money laundering prevention by Binance.” Connecticut Senator Richard Blumenthal questioned US authorities responsible for overseeing Binance about whether the company is complying with anti-money laundering laws and sanctions under its 2023 court-imposed monitoring program. According to a report published by Fortune on Friday, Blumenthal sent letters to the Justice Department and the US Treasury’s Financial Crimes Enforcement Network (FinCEN), asking for details on Binance’s compliance. Binance and its former CEO Changpeng “CZ” Zhao reached a deal in 2023, in which the exchange would pay $4.3 billion to settle civil regulatory enforcement actions, and CZ would plead guilty to one felony charge. Read more