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Yemen’s Crypto Exodus: DeFi Usage Soars 63% Due to U.S. Sanctions
Yemen’s Crypto Exodus: DeFi Usage Soars 63% Due to U.S. Sanctions
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Amid U.S. sanctions against Yemen and Iranian backers, Houthi groups have jumped to DeFi platforms. The sanctions have crippled the Houthis’ banking, forcing Yemeni locals, including Houthis, to use DeFi. Specifically, the U.S. has sanctioned Yemen-based International Bank of Yemen (IBY) for allegedly facilitating the Houthis, which has led to a 63% spike in DeFi usage in Yemen. TRM Labs projects this trend to expand further. In a statement, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) added that IBY’s top leaders were also sanctioned, stating that IBY complemented Iran-backed Houthis attacks that made the Red Sea trans-shipping line unsafe.
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