The U.S. Treasury investigating whether cryptocurrency platforms enabled Iranian officials to evade sanctions follows Iran's crypto activity reaching an estimated $8-10 billion in 2025.
Blockchain analytics firm TRM Labs said authorities shifted enforcement from individual wallets to exchange infrastructure.
Ari Redbord, TRM Labs' global head of policy, told that investigators focus on platforms functioning as repeatable financial access points for sanctioned networks.
Iranian wallets received a record $7.8 billion in 2025, up from $3.17 billion in 2023, according to Chainalysis data.
The Treasury last week sanctioned UK-registered exchanges Zedcex and Zedxion, the first crypto platforms blacklisted under Iran-specific financial sanctions. TRM Labs identified roughly $1 billion in IRGC-linked transactions through Zedcex, accounting for 56% of the exchange's volume and peaking at 87% in 2024.
What Happened
Office of Foreign Assets Control designated Zedcex Exchange Ltd and Zedxion Exchange Ltd on January 30 for facilitating IRGC transactions. Zedcex processed over $94 billion since its August 2022 registration.
Both exchanges connect to Babak Morteza Zanjani, an Iranian businessman convicted of embezzling billions from Iran's National Oil Company.
Estimates of state-linked versus retail activity vary widely. Chainalysis calculates 50% of 2025 volumes linked to the IRGC while TRM Labs says 95% originates from retail investors.
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Why It Matters
Enforcement targeting entire platforms rather than individual wallets reflects Treasury's shift toward disrupting systematic sanctions evasion infrastructure. Iran's crypto adoption accelerated as the rial devalued and approximately 15 million Iranians gained crypto exposure, according to local exchange Nobitex.
British blockchain firm Elliptic reported Iran's Central Bank acquired at least $507 million in USDT stablecoin during 2025 to bypass traditional banking systems. Iranians moved funds from domestic exchanges to international platforms during periods of social and geopolitical instability, Nansen data showed.
"The concern is that activity appears concentrated through exchange-linked systems that function as repeatable financial access points for sanctioned networks," Redbord said.
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