A growing body of evidence indicates that cryptocurrencies are being used to circumvent economic sanctions, and the problem is escalating, according to Chainalysis. Recent months have seen a significant volume of illicit funds flowing between Binance and Iran’s largest crypto exchange, Nobitex, the majority of which were reportedly in TRON, which enables easy user anonymity. The flow of crypto between the two firms reportedly allowed Iranian companies to carry out $8bn in trading in violate of US sanctions targeting Iran. Other data compiled by Chainalysis reveals that last year, illicit transactions involving crypto rose for the second consecutive year, hitting an all-time high of $20.1bn. Forty-four per cent of that total deal flow was reportedly activities involving sanctioned governments or organisations. Governments and regulators are stepping up their enforcement efforts to ensure that sanctions are enforced.