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US Treasury Secretary Scott Bessent said digital assets could be targeted in another round of sanctions against Iran as Washington expands restrictions on the country’s financial and commercial channels.
Bessent identified crypto alongside airlines and maritime businesses as areas under consideration on September 2. He also said additional sanctions against Iranian banks could arrive this week.
Treasury Can Now Sanction Iran-Linked Digital Asset Businesses
The comments follow an August 24 expansion of US sanctions authority that specifically covers Iran’s digital asset sector.
Under the new determination, Treasury can sanction foreign individuals or companies that operate in or provide services to Iran’s crypto sector. The same expansion covers technology, gold, aviation, and shipping.
The authority can reach qualifying exchanges, payment businesses and other intermediaries outside Iran that provide covered services to the country’s digital asset sector.
Bessent did not identify a crypto company, wallet, or blockchain address as a target in his latest remarks.
US Previously Targeted $344M in Iran-Linked Crypto
Digital assets were already part of Washington’s Iran enforcement program before the latest expansion. In April, Treasury sanctioned wallets linked to Iran and said the action affected about $344 million in cryptocurrency. The government has also targeted networks accused of using digital assets to move funds for the Islamic Revolutionary Guard Corps and other sanctioned entities.
In June, the US sanctioned Iranian crypto exchange Nobitex and several executives. Treasury accused the platform of facilitating transactions involving the Iranian government, central bank and IRGC. Nobitex denied knowingly assisting sanctioned entities.
Bessent Gives no Timetable for Crypto-Specific Sanctions
The broader Iran campaign also covers banks, aviation companies and maritime operators as Treasury considers additional restrictions.
US secondary sanctions can impact companies outside Iran when they provide specified services to sanctioned sectors or entities.
Bessent said further measures against Iran are being prepared but did not identify any digital asset businesses as new targets or provide a timetable for crypto-specific sanctions.
