US Treasury targets Iran’s crypto sector

• The US Treasury launched Operation Economic Outcast to target Iran’s financial networks, including cryptocurrency activity.
• Treasury says Iran uses digital assets for sanctions evasion and transactions linked to the IRGC.
• Bitcoin traded near US$79,000 after briefly testing US$80,000 following the announcement.

The US Treasury launched Operation Economic Outcast to target Iran’s financial networks, including cryptocurrency activity.

The campaign covers crypto, technology, gold, aviation and shipping, according to the Treasury.

Treasury says Iran uses digital assets to support sanctions evasion and transactions linked to the Islamic Revolutionary Guard Corps.

The Office of Foreign Assets Control can sanction people operating in Iran’s crypto sector, regardless of where they are based.

The Treasury did not identify specific crypto wallets, exchanges or transaction amounts in the campaign announcement.

Bitcoin (CRYPTO:BTC) traded near US$79,000 after briefly reaching about US$80,000 following the announcement.

The campaign follows earlier US sanctions against Iranian crypto exchanges and wallets accused of helping restricted entities move funds.