Bessent Warns Digital Asset Firms to Avoid Transactions with Iran

US Treasury Secretary Scott Bessent has issued a warning to digital-asset businesses that support transactions with Iran. He said that these companies could face additional sanctions if they continue to aid in Iranian financial activities.

The Treasury Department announced Operation Economic Outcast, a new initiative aimed at targeting five sectors including technology, gold, aviation, shipping, and digital assets, as well as third-country individuals and companies that do business with Iran. This expansion includes secondary sanctions on entities that transact with sanctioned countries or companies.

Operation Economic Outcast is an extension of the US's existing efforts to isolate Iran's economy through sanctions. The Treasury Department has already sanctioned Iranian cryptocurrency exchanges, including Nobitex.