US Treasury Cracks Down on Iranian Crypto Evasion with Operation Economic Fury

The US Treasury has launched Operation Economic Fury to disrupt Iran's illicit financial activities, including its use of cryptocurrency. Since April 2026, the campaign has resulted in the sanctioning of four Iranian exchanges, the freezing or seizure of nearly $1 billion in cryptocurrency, and the tracing of over $3.84 billion in Iran-linked flows through a single offshore exchange.

Nobitex, which handles approximately 50% of Iran's crypto trading volume, was among those sanctioned along with its CEO Seyed Ali Khoee and chairman Amir Hossein Rad. The Treasury also froze an additional $131 million in USDT held in four Tron wallets tied to the Central Bank of Iran.

Investigations have revealed that Iranian-linked entities moved more than $3.84 billion through crypto exchange CoinEx since 2019, with connections to assets stolen from Bybit by North Korean hackers. While CoinEx denied any knowledge of Iran-linked activity, it has strengthened its risk reviews and sanctions screening.

The campaign's success is uncertain, as Iranian crypto activity grew 70% year over year in 2025 despite expanded US surveillance capabilities. The cat-and-mouse dynamic between investigators and Iranian operators continues to play out.