US Cracks Down on Iranian Crypto Exchanges and Shadow Banking Networks

The US has imposed sanctions on two Iranian-linked crypto exchanges and an Iranian man running a network of front companies, as part of its 'Economic Fury' campaign to squeeze Iran's finances.

The Treasury Department designated the digital asset exchanges, which were used by Iran to launder billions of dollars through cryptocurrency transactions.

Iranian actors exploited these platforms to obscure the origin of funds and transfer huge volumes of assets, with the illicit proceeds benefiting the Islamic Revolutionary Guard Corps (IRGC) and regime-connected individuals.

The second set of sanctions targeted 35 entities and individuals linked to Iran's shadow banking network, which enables the movement of hundreds of millions of dollars.