US Targets Iranian Crypto Activity in Economic Isolation Push

The US Treasury Department is expanding its campaign to isolate Iran economically by targeting Iranian-linked crypto activity. As part of Operation Economic Outcast, a broader effort to cut off Tehran's sources of revenue, five sectors are now facing increased sanctions pressure: digital assets, technology, gold, aviation, and shipping.

Treasury Secretary Scott Bessent announced the new measures, which include 60 individuals, entities, and vessels linked to Iran. The US has already targeted Iranian crypto networks, including Nobitex, the country's largest crypto exchange, in June for helping sanctions evasion and facilitating transactions linked to the Islamic Revolutionary Guard Corps.

The latest action adds more wallet addresses to the sanctions list, including one Treasury-linked wallet that allegedly gained control of a Bitcoin wallet holding over $30,000 in 2023. Nearly $1 billion in crypto has been seized from Iran as of May, according to The Block.