US Treasury Warns Crypto Payments to Iran May Trigger Sanctions Enforcement

The U.S. Treasury’s sanctions office is warning that any attempt to route payments to Iran—whether in fiat or crypto—could trigger enforcement action, as fresh reporting raises questions about alleged sanctions-evasion activity through the country’s largest crypto exchange. The developments arrive as Middle East tensions remain elevated, keeping traders attentive to ‘geopolitical risk’ and its knock-on effects across energy markets and digital assets.

In a notice circulated this week, the Treasury Department’s Office of Foreign Assets Control (OFAC) said payments described as a ‘Strait of Hormuz transit toll’ could violate U.S. sanctions if they directly or indirectly benefit the Iranian government or the Islamic Revolutionary Guard Corps (IRGC). OFAC said the risk extends beyond conventional transfers to include ‘digital assets,’ barter and offset arrangements, in-kind deliveries, and even donations routed through entities or accounts that could be linked to Iranian state interests.

The guidance is particularly pointed for U.S. persons and foreign companies owned or controlled by U.S. entities. OFAC emphasized that transactions involving the Iranian government, the IRGC, and Iranian digital asset exchanges are generally prohibited. The agency also warned that non-U.S. companies could face ‘secondary sanctions’ or civil and criminal exposure if they materially facilitate such payments or support Iranian financial institutions.

For shipping and maritime service providers operating in or near Iranian waters, OFAC urged enhanced due diligence on vessels transiting Iranian routes or calling at Iranian ports—language that underscores how sanctions compliance is increasingly intersecting with crypto rails, especially where enforcement agencies believe digital assets can be used to obscure payment flows.

The warning follows a Reuters report published Friday ET that scrutinized Nobitex, Iran’s largest cryptocurrency exchange. Reuters cited allegations that the platform may have processed transactions tied to Iran’s central bank and the IRGC, potentially enabling sanctions evasion while the exchange itself has not been designated by the U.S. The report also raised claims about the background of the exchange’s co-founders, Ali and Mohammad, who were described as being linked by allegation to a prominent Iranian family.

Blockchain analytics firm Elliptic, cited in the Reuters coverage, estimated that roughly $500 million in crypto moved through wallets associated with Iran’s central bank between November 2024 and June 2025, with about $347 million flowing into Nobitex during the first half of 2025. The investigation also pointed to Nobitex’s reported interactions with offshore venues, including Binance, and alleged that some services continued for whitelisted users during periods of wartime internet disruption in Iran. Separate past reporting has suggested the exchange handled more than $2.3 billion in transfers since 2023.

At the political level, President Trump added to the uncertainty by saying Iran must be “completely destroyed” or reach an agreement, after signaling dissatisfaction with Tehran’s latest negotiation proposal. A Pakistani official said Iran’s updated terms had been conveyed to the U.S., though details have not been made public.

The Wall Street Journal also reported that Iran delivered a softened proposal to Washington as part of an effort to restart talks. According to the report, Tehran suggested discussing keeping the Strait of Hormuz open alongside a halt to U.S. attacks and the lifting of port blockades—an apparent shift from earlier demands that blockades be lifted as a precondition to negotiations. The report said Iran also sought sanctions relief in exchange for nuclear-related discussions, and indicated via intermediaries that it could be prepared to meet as early as next week in Pakistan if the U.S. is receptive.

Meanwhile, stablecoin liquidity remained in focus. Circle issued an additional 250 million USD Coin (USDC) on Solana (SOL), according to on-chain tracking cited by local outlets. While mints are often interpreted as preparation for ‘liquidity needs’—including exchange settlement, market-making, or payments—issuance does not necessarily equate to immediate spot inflows or risk-on positioning.

In U.S. regulatory developments, Anchorage Digital said it submitted comments to the Office of the Comptroller of the Currency on proposed rules tied to the GENIUS Act framework for stablecoins. The firm said it already co-issues three stablecoins with partners—USAT, USDGO, and USDtb—and plans to co-launch a fourth, UDSPT, with Western Union. Anchorage said it expects to become a fully authorized issuer of payment stablecoins once the framework is implemented.

On the tape, Whale Alert flagged a 300 million Tether (USDT) transfer to HTX from an unidentified wallet, a flow that can indicate capital being positioned for trading but does not confirm buying or selling intentions. Separately, 3,690 Bitcoin (BTC) moved between anonymous wallets—about $289 million at prevailing prices—an on-chain transfer that may reflect internal custody reorganization rather than market-directional activity.

Bitcoin slipped below $78,000 on OKX, trading around $77,991 Friday ET, as its 24-hour rise narrowed to roughly 1.9%, signaling a partial fade in short-term momentum. Elsewhere, an Ethereum (ETH)-ecosystem token, uPEG, surged roughly 99% intraday after its market capitalization briefly topped $22 million, highlighting the continued volatility and speculative bursts in smaller-cap on-chain assets.

Overall, the week’s headlines reinforce how sanctions enforcement, regional security dynamics, and dollar-denominated stablecoin plumbing are converging into a single market narrative—one that can tighten compliance expectations for intermediaries while amplifying sensitivity to geopolitical developments across crypto trading and settlement channels.