US Treasury launches Operation Economic Outcast to target Iran's crypto sector

The U.S. Treasury Department has initiated Operation Economic Outcast, a coordinated effort to cut off Iran’s access to global financial networks. The campaign expands sanctions enforcement to include cryptocurrency, technology, gold, aviation, and shipping channels used by Tehran.

Scope of the operation

Operation Economic Outcast authorizes the Office of Foreign Assets Control (OFAC) to sanction individuals and entities operating in Iran’s crypto sector, regardless of their location. The Treasury says Iranian officials and groups increasingly rely on digital assets to evade sanctions and fund activities of the Islamic Revolutionary Guard Corps (IRGC) and government insiders.

Recent enforcement actions

Earlier in 2026, OFAC sanctioned several crypto exchanges and wallets linked to Iran, including Shelbit, Aban Tether, and individuals such as Siavash Kayvanpour. The Treasury also froze more than $130 million in USDT on Tron wallets tied to Iran’s central bank, and previously froze approximately $344 million on other Tron addresses.

Implications for businesses

Foreign companies, exchanges, custodians, stablecoin issuers, and payment providers may need to update wallet‑screening and customer‑due‑diligence procedures to avoid sanctions exposure. Entities owned 50 % or more by designated persons can also become subject to restrictions.

Market reaction

Bitcoin traded near $79,000 after briefly testing the $80,000 psychological level, showing little immediate impact from the announcement. The broader market was also influenced by unrelated trade tensions between the United States and Canada.