Bessent Says U.S. is Targeting Iran’s Crypto Access
Fhumulani Lukoto
- 2 min read
Image credit: Unsplash
U.S. Treasury Secretary Scott Bessent said Washington is targeting Iran’s access to cryptocurrency as part of its campaign against Tehran’s sanctions-evasion networks.
Bessent said the Treasury, through what he called “Economic Fury,” has moved against Iran’s shadow banking system, crypto access, weapons procurement networks and Chinese “teapot” refineries that buy Iranian crude.
Treasury Points to Crypto Channels
The comments follow recent U.S. action against Iran-linked crypto wallets. On April 24, Treasury sanctioned multiple wallets tied to Iran, resulting in a $344 million crypto freeze.
Bessent said the action was aimed at weakening Tehran’s ability to generate and move funds. The move placed crypto alongside oil exports, front companies and shadow banking as part of Washington’s Iran sanctions push.
U.S. officials and blockchain investigators have tracked Iran-linked actors using exchanges, wallets and stablecoin flows to move value outside traditional banking channels.
Iran-Linked Exchanges Face Scrutiny
Recent reporting has also put Iran’s crypto market under closer review. Nobitex, Iran’s largest crypto exchange, has processed large transaction volumes, including activity linked to sanctioned entities such as Iran’s central bank and the Islamic Revolutionary Guard Corps.
Nobitex has denied government ties and said illicit activity took place without its knowledge. Treasury has also targeted other Iran-linked crypto operations. In January, authorities designated exchanges Zedcex and Zedxion after saying their addresses handled funds for wallets linked to the Islamic Revolutionary Guard Corps (IRGC).
Platforms Face Higher Compliance Risk
Bessent’s remarks show that crypto is now a more visible part of the U.S. sanctions toolkit against Iran. For exchanges, stablecoin issuers and wallet infrastructure providers, Iran-linked exposure is becoming a higher-risk compliance area. Platforms handling cross-border flows may face more scrutiny over sanctioned wallets, nested services and intermediaries tied to Iranian oil, weapons procurement or the IRGC.
The immediate takeaway is clear. Washington is treating access to digital asset rails as part of Iran’s broader financial network, and any platform that helps restricted actors move funds could face closer attention from Treasury, OFAC and law enforcement.
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Fhumulani Lukoto
Cryptocurrency Journalist
Fhumulani Lukoto holds a Bachelors Degree in Journalism enabling her to become the writer she is today. Her passion for cryptocurrency and bitcoin started in 2021 when she began producing content in the space. A naturally inquisitive person, she dove head first into all things crypto to gain the huge wealth of knowledge she has today. Based out of Gauteng, South Africa, Fhumulani is a core member of the content team at Coin Insider.