US Treasury Secretary Scott Bessent announced a new “financial offensive” against Iran on Monday, specifically targeting the Middle Eastern country’s use of crypto assets.
“Operation Economic Outcast” aims to kneecap the Iranian government’s financial capabilities as the Trump Administration’s controversial war nears the end of its sixth month.
Bessent says the sanctions aim to “sever every economic lifeline” to Tehran.
“Any entity that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system. The clock just started ticking.
The new sectoral sanctions determinations issued today target five of Iran’s most vital lifelines that it exploits in other countries: digital assets, technology, gold, aviation, and shipping.
These measures broaden secondary sanctions risk for anyone foolish enough to continue conducting business with this regime and will accelerate the speed with with [which] we pursue them.
As I speak, Treasury’s Office of Foreign Assets Control is also sanctioning over 60 entities, individuals, and vessels around the world that enable the Iranian regime to procure illicit nuclear and missile technology, conduct cyber operations, and generate oil revenue.”
In June, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Nobitex, Iran’s largest crypto exchange, and three other Iranian trading platforms.
The Treasury Department said Nobitex processed more than 50% of all Iranian digital asset inflows in 2025 and facilitated payments linked to the country’s terrorist activities and sanctions evasion efforts, as well as transactions associated with the Islamic Revolutionary Guard Corps (IRGC).
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