US investigators are examining whether cryptocurrency platforms were used to help Iranian officials and state-linked actors evade sanctions, a blockchain researcher told Reuters, as crypto use rose sharply in Iran amid currency weakness and political unrest.
Ari Redbord, global head of policy at TRM Labs, said the US Treasury is reviewing whether platforms allowed state-linked players to move money abroad, access hard currency or buy restricted goods.
Estimates of Iran’s crypto activity vary. TRM Labs estimated roughly $10 billion in Iran-linked crypto activity in 2025, compared with $11.4 billion in 2024. Chainalysis said Iranian wallets received a record $7.8 billion in 2025, up from $7.4 billion in 2024 and $3.17 billion in 2023. Researchers cautioned that crypto’s pseudonymous nature makes precise attribution difficult and limits the ability to form a complete picture.
Chainalysis estimated that about half of Iran’s 2025 crypto activity was linked to the Islamic Revolutionary Guard Corps (IRGC). TRM Labs said it has identified more than 5,000 addresses it labels as IRGC-linked and estimates the Guards have moved about $3 billion worth of crypto since 2023.
Iran’s largest exchange, Nobitex, told Reuters that around 15 million people in Iran have some crypto exposure, with many using digital assets as a store of value as the rial depreciates. Analysts said funds can be moved off Iranian exchanges to wallets and platforms elsewhere, complicating enforcement for US authorities.
In September, the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned two Iranian financial facilitators and more than a dozen individuals and entities based in Hong Kong and the United Arab Emirates for helping coordinate money transfers — including proceeds from Iranian oil sales — that it said benefited the IRGC-Quds Force and Iran’s ministry of defense.
“Iranian ‘shadow banking’ networks like these—run by trusted illicit financial facilitators—abuse the international financial system, and evade sanctions by laundering money through overseas front companies and cryptocurrency,” read the statement.
