Bessent Says More Sanctions Possible for Digital-Asset Firms Aiding Iran

US Treasury Secretary Scott Bessent warned that digital-asset businesses supporting transactions with Iran could face additional sanctions.

On September 2, Bessent said the US was "in communication with all relevant parties supporting Iran," according to Odaily and other outlets. He added that Washington would systematically remove from the financial system any actors involved in sanctions evasion or money laundering tied to Iran.

Bessent also urged the digital-asset industry to end any transactions or cooperative ties with the Iranian regime. That means cryptocurrency exchanges, payment companies and wallet providers could be sanctioned if they help Iran move funds or evade sanctions.

The Treasury Department announced a new Iran-focused sanctions initiative at the end of August called Operation Economic Outcast. The program adds five sectors to the sanctions target list: technology, gold, aviation, shipping and digital assets. It also expands secondary sanctions on third-country individuals and companies that do business with Iran.

Secondary sanctions allow the US to cut foreign individuals and entities off from the American financial system even if they are not US persons, if they transact with sanctioned countries or companies. The US has already sanctioned Iranian cryptocurrency exchanges including Nobitex.