The United States is intensifying pressure on Iran’s financial networks, focusing increasingly on cryptocurrency exchanges and digital assets that Washington says have helped Tehran move money internationally and bypass sanctions. The action comes as tensions remain high over commercial shipping and negotiations involving the Strait of Hormuz. U.S. authorities have previously targeted Iranian exchanges and individuals accused of facilitating transactions connected to the Islamic Revolutionary Guard Corps.
Iran crypto networks face tighter US scrutiny
The U.S. Treasury says digital assets have become an important part of Iran’s efforts to move funds despite restrictions on its traditional banking relationships. In a June 2 sanctions action, the Office of Foreign Assets Control targeted Nobitex, Iran’s largest digital asset exchange, along with Wallex, Bitpin and Ramzinex.
Treasury said Nobitex handled more than half of Iranian digital asset inflows during 2025 and accused the exchange of facilitating transactions connected to sanctioned Iranian actors and IRGC-linked activity. The department also said digital asset platforms had helped Iranian officials gain access to international exchanges and move funds across jurisdictions.
Crypto exchanges become sanctions target
Washington has expanded its focus beyond banks, oil companies and shipping networks as cryptocurrency becomes more significant in sanctions enforcement. Treasury says it will continue targeting both conventional financial channels and digital mechanisms allegedly used to move or conceal Iranian revenue.
Executive Order 13902 authorizes sanctions against people operating in sectors of Iran’s economy including the financial sector, while Executive Order 13224 provides authorities for targeting terrorist organizations and their financial supporters. Both authorities have been used in recent measures involving Iranian digital asset networks.
IRGC funds remain central to US campaign
The broader goal is to restrict funding available to the IRGC and other sanctioned Iranian organizations. Washington argues that Tehran uses international financial networks, digital assets, oil sales and intermediary companies to preserve access to foreign currencies despite U.S. restrictions.
Treasury has described the effort as part of its maximum economic pressure campaign against Iran. Separately, a July 24 action targeted four individuals and nine entities tied to Iranian financier Babak Zanjani, including companies connected with digital asset businesses previously sanctioned by the United States.
$15m reward offered for financial information
The State Department’s Rewards for Justice program is offering up to $15 million for information that leads to disruption of financial mechanisms used by the IRGC and its branches, including the IRGC-Quds Force.
The program is seeking information involving sanctions-evasion networks, front companies, revenue sources, financial institutions and other mechanisms that facilitate IRGC financing.
Hormuz tensions add pressure
Financial sanctions are unfolding alongside renewed tensions surrounding the Strait of Hormuz, one of the world’s most important shipping routes. U.S. officials have also warned about sanctions risks connected with payments or arrangements involving Iranian demands for passage through the waterway.
Diplomatic efforts remain active. On August 7, a U.S. official said progress was being made in Iran-Oman discussions aimed at ensuring commercial shipping through the strait could proceed without obstruction. President Donald Trump has also indicated that he believes the conflict with Iran could end soon, although a lasting agreement has not yet been announced.
