US investigators are cracking down on Iran’s booming crypto scene.
Both state actors and individual investors have turned to digital currencies, for different purposes. The US Treasury is probing whether crypto platforms have allowed Iranian security forces — cut off from traditional international finance systems — to evade sanctions when seeking to move money abroad or procure goods, Reuters reported Tuesday. The country’s Islamic Revolutionary Guard Corps has moved some $1 billion via exchanges since 2023, one analysis found.
Many ordinary Iranians, meanwhile, are embracing crypto because of the rial’s rapid devaluation: Activity rose during spurts of instability, including the recent anti-government protests — until authorities blocked internet access.