Shipping firms that turn to cryptocurrency to pay potential transit fees to Iran could face significant sanctions exposure, according to Kaitlin Martin, senior intelligence analyst at Chainalysis.

Martin told Cointelegraph that under the current sanctions framework, any payments made to the Iranian regime, including those tied to passage through key waterways, could be interpreted as “material support,” putting companies at risk of violating US and international restrictions.

“Doing so could carry significant sanctions violation risk, as the Iranian Revolutionary Guard Corps is sanctioned by multiple jurisdictions and Iran is subject to comprehensive sanctions by the United States,” she said.

The warning comes amid reports that…