US Treasury targets Iran’s financial networks using dollars, riyals, and crypto

The US Treasury Department, through the Office of Foreign Assets Control (OFAC), has announced measures against digital asset trading platforms and company networks it says are linked to money laundering operations benefiting the Iranian regime and the Islamic Revolutionary Guard Corps, as part of Washington’s campaign to cut off Tehran’s sources of funding used to circumvent sanctions.

The Treasury said the actions target two major digital asset platforms used by Iranian entities, as well as a network manager of front companies operating across several countries, accused by Washington of facilitating crypto-related activities and sanctions evasion.

US accuses Iran of using crypto to evade sanctions

The Treasury explained that Iranian actors relied on unlicensed or lightly regulated digital currency platforms to transfer large amounts of crypto assets through complex commercial networks and online gambling schemes to conceal the origins of funds and launder illicit proceeds.

It added that these operations benefited the Revolutionary Guard and individuals connected to the Iranian regime, according to US assessments.

US Treasury Secretary Scott Bessent said Iran’s reliance on digital assets and informal banking networks demonstrates, in his words, the continued effectiveness of economic pressure policies.

Bessent added: "Whether the funds are in dollars, riyals, or cryptocurrencies, the Treasury will continue to pursue and dismantle illicit financial networks supporting the Iranian regime."

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Sanctions target Iran-linked platforms and companies

The US actions targeted the Shelbit Exchange platform and its affiliated companies, as well as Iran’s Aban Tether platform, which the Treasury said handled transactions linked to previously sanctioned Iranian platforms.

Sanctions also targeted Siavash Keyanpour, whom Washington accuses of running a multinational network of companies supporting illicit digital activities tied to Iran.

According to the Treasury, digital addresses linked to the Revolutionary Guard conducted transactions with Shelbit Exchange involving over $1 million in digital assets, while millions more were transferred between addresses associated with the platform and those linked to the Guard.

US offers $15 million reward for information on Revolutionary Guard financing

Alongside the sanctions, the US State Department announced through its Rewards for Justice program a reward of up to $15 million for information that helps disrupt financial mechanisms tied to the Revolutionary Guard and its branches.

Washington said the program aims to obtain information that exposes funding networks and financial intermediaries who help transfer money or circumvent sanctions.

Asset freezes and warnings against dealing with sanctioned entities

OFAC confirmed that all assets of sanctioned individuals and entities located in the United States or under the control of US persons will be frozen, and US law prohibits any transactions with them without authorization.

Washington warned financial institutions and individuals of the risks of dealing with designated entities, stressing that violating sanctions could result in civil or criminal penalties.

These actions are part of a broader US policy targeting Iranian financial networks, with a focus on digital money flows and intermediaries Washington says help sanctioned entities access the global financial system.