Back to today’s briefing

Story perspectives

Iran's $507M Tether Use Sparks Farage's Crypto Controversy

1/21/2026

28 7 Full Breakdown

Summary

Story summary

A report by Elliptic states Iran's central bank used over $507 million in Tether to bypass the banking system.
The disclosure raises concerns about Nigel Farage's support for Tether, discussed with Bank of England Governor Andrew Bailey.
Farage criticized Bailey for crypto restrictions and urged London to become a global trading hub.
Tether, valued at $500 billion, faces scrutiny for ties to illicit activity, including Iran's Revolutionary Guards.

1 of 1

Story summary

A report by Elliptic states Iran's central bank used over $507 million in Tether to bypass the banking system.
The disclosure raises concerns about Nigel Farage's support for Tether, discussed with Bank of England Governor Andrew Bailey.
Farage criticized Bailey for crypto restrictions and urged London to become a global trading hub.
Tether, valued at $500 billion, faces scrutiny for ties to illicit activity, including Iran's Revolutionary Guards.