Sanctions and Enforcement: US Targets Crypto-Enabled Iran Workarounds
The U.S. Treasury Department sanctioned Iranian firms allegedly using Bitcoin and digital assets to circumvent sanctions, including Hormuz Safe, a platform that accepted cryptocurrency payments for maritime passage through the Strait of Hormuz. The Treasury described the scheme as tied to Iran's Islamic Revolutionary Guard Corps (IRGC) and shipping control networks.
Enforcement extended to international actors: a Dubai-based cryptocurrency exchange called Shelbit was identified as part of a $4 billion sanctions-evasion network that allegedly routed hundreds of millions of dollars to major platforms including Binance, linking gambling sites and sanctioned Iranian entities to global crypto markets. These actions signal heightened U.S. scrutiny of cross-border crypto flows and intermediaries that may facilitate sanctions violations.
