Iran’s $10 Billion Crypto Boom Sparks US Sanctions Crackdown

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As cryptocurrency transactions in Iran balloon to an estimated $8-10 billion annually, US authorities are turning a sharp eye to digital asset platforms suspected of facilitating sanctions evasion by the Islamic Republic, Reuters reported on Tuesday.

Officials are investigating whether state-linked Iranian groups have used crypto to move funds overseas and procure goods, leveraging the sector’s rapid growth.

“The Treasury is actively looking at whether crypto platforms have enabled these actors,” said TRM Labs’ Ari Redbord, who cited direct knowledge of the probe.

The department has previously targeted Iranian “shadow banking” networks that employ digital assets, signaling a focused effort to close off crypto as a sanctions loophole.