U.S. Treasury Adds ‘Cryptocurrency Access Channels’ to Iran Sanctions List

Washington has long used secondary sanctions to choke off Iran’s oil revenue and access to dollar clearing, but Tehran has increasingly turned to cryptocurrency, gold and offshore intermediaries to bypass conventional banking restrictions. Formally classifying digital assets as a sanctionable sector raises the stakes for exchanges, brokers and wallet providers worldwide, which could lose access to the U.S. financial system for supporting Iran-linked activity.

On Aug. 24, 2026, the U.S. Treasury Department’s Office of Foreign Assets Control issued sectoral determinations covering digital assets, technology, gold, aviation and shipping, while sanctioning nearly 60 Iran-linked entities, individuals and vessels. Treasury said UAE-based Ukrainian broker Ivan Obukhov had processed more than $100 million in cryptocurrency payments since 2023 to facilitate oil sales for the Islamic Revolutionary Guard Corps-Qods Force.

Iran has increasingly used digital assets and shadow-banking networks to preserve access to the global financial system despite Western sanctions. Washington says those channels have helped the Islamic Revolutionary Guard Corps, or IRGC, finance sanctioned activity and move funds across borders. The latest measures against Shelbit Exchange and Aban Tether form part of the U.S. Treasury Department’s “Economic Fury” campaign, underscoring the growing role of crypto platforms in sanctions enforcement and anti-money-laundering scrutiny.

The Treasury’s Office of Foreign Assets Control imposed sanctions on Aug. 7, 2026, targeting Georgia-based SHPS Shelbit, which operates Shelbit Exchange; UAE-based operator Shelbit General Trading LLC; and Iran-based Aban Tether. Treasury said IRGC wallets sent more than $1 million to Shelbit addresses, while more than $2 million flowed back to IRGC wallets. Addresses controlled by Shelbit operator Siavash Kayvanpour also sent over $2 million to sanctioned exchange Nobitex; Aban Tether processed millions involving previously blacklisted Iranian platforms.

The Strait of Hormuz is one of the world’s most important energy chokepoints, carrying roughly a fifth of seaborne oil. Under pressure from Western sanctions and dollar-based financial controls, Iran has sought to turn passage fees into mandatory maritime insurance and settle payments in Bitcoin and other digital assets. The structure matters because it links sanctions evasion and IRGC financing to commercial shipping, exposing shipowners, insurers and financial institutions to U.S. penalties even when payments bypass traditional banks.

The U.S. Treasury Department’s Office of Foreign Assets Control on July 29 sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority, saying they operated an IRGC-backed scheme forcing vessels to buy coverage for Hormuz transit. Treasury said Hormuz Safe accepts Bitcoin and other digital assets and also blocked eight shadow-fleet tankers; OFAC has sanctioned more than 100 Iran-linked vessels this year. Iranian media said in May the platform could generate more than $10 billion annually, though that projection was not independently verified.

As Middle East tensions escalate and a US-Iran ceasefire agreement collapses, US and Iranian forces have entered a new round of military conflict in the region. The development underscores how cryptocurrency has become an important channel for sanctioned countries to circumvent traditional financial controls and move funds. Washington's action is intended to cut off Iran's use of digital assets for illicit financial activity and prevent funds from being diverted to military purposes, with significant implications for global geopolitics and crypto compliance.

The US Treasury formally sanctioned four cryptocurrency wallets linked to Iran's central bank in July 2026. Stablecoin issuer Tether immediately complied, freezing more than $131 million in USDT held in the Tron wallets, equivalent to about NT$4.2 billion. The move marks a significant step in Washington's recent expansion of sanctions targeting Iran's oil industry and financial networks, and demonstrates the Treasury's resolve to work with blockchain companies to combat illicit finance.

Iran has long faced U.S. financial sanctions and limited access to SWIFT, prompting government agencies and private-sector users to turn to crypto assets for cross-border transfers. Chainalysis estimated that Iran’s crypto ecosystem reached $7.78 billion in 2025. Addresses linked to the Islamic Revolutionary Guard Corps, or IRGC, received more than 50% of the value in the fourth quarter, making exchanges a key focus of U.S. efforts to shut down sanctions-evasion channels.

The U.S. Treasury Department’s Office of Foreign Assets Control, or OFAC, sanctioned Nobitex, Wallex, Bitpin and Ramzinex on June 2, 2026. Nobitex handled more than 50% of Iran’s digital-asset inflows in 2025 and helped the Central Bank of Iran acquire hundreds of millions of dollars in stablecoins. OFAC also sanctioned senior executives, including Nobitex chairman and co-founder Amir Hossein Rad.

The US Treasury Department launched Operation Economic Fury in March 2025, tasking the Office of Foreign Assets Control with tracing funds Iran moved through banks, oil and cryptocurrencies to evade sanctions. The case shows how stablecoin issuers can work with law enforcement to freeze wallets, providing a new tool to cut off Iran’s access to foreign currency and funding for its nuclear program.

On April 23, 2026, Tether worked with OFAC and US law enforcement agencies to freeze more than $344 million in USDT held at two TRON addresses. Treasury Secretary Scott Bessent said on April 29 that nearly $500 million had been seized. In an update at the Reagan National Economic Forum on May 29, he said US authorities had taken direct control of the wallets and seized about $1 billion in total, roughly double the amount a month earlier.