Iran Uses Chinese Crypto Network to Launder $1.5 Billion in Oil Money
The US Department of Justice has announced that Iran used a Chinese cryptocurrency network to launder $1.5 billion in oil revenues, and filed a forfeiture action to seize $61 million in proceeds from the sale of sanctioned Iranian oil.
The disclosure is part of Operation Economic Outcast, which was declared on August 24, 2026. Treasury Secretary Scott Bessent had confirmed on Friday that Tehran no longer has access to the US dollar and warned that digital assets would be among the next targets of the campaign.
The China-based cryptocurrency network used by Iran is significant because it takes the enforcement action into Chinese financial infrastructure through the digital asset channel, potentially allowing Washington to act against Chinese-based Iranian financial evasion without directly confronting state-owned Chinese banks.