US Targets Iran’s Crypto Access, Says Scott Bessent

TLDR

• Scott Bessent said the United States is targeting Iran’s access to crypto under its sanctions campaign.
• The Treasury confirmed it acted under the Economic Fury program announced on April 29.
• Officials designated 35 entities and individuals under two existing executive orders.
• The Treasury said the measures disrupted tens of billions of dollars in revenue linked to Iran.
• Authorities reported that Kharg Island is nearing storage capacity due to export pressure.

The United States has expanded its sanctions campaign against Iran to include digital asset channels. Treasury Secretary Scott Bessent confirmed the move in a public statement on April 29. He said Washington now targets Iran’s access to crypto alongside oil exports and shadow banking networks.

Scott Bessent Expands Iran Sanctions to Crypto Channels

Scott Bessent announced the update through a post on X on April 29. He said the Treasury acted under a campaign he called “Economic Fury.” He stated that authorities had targeted Iran’s shadow banking system and crypto access.

The Treasury Department, through Economic Fury, has targeted Iran’s international shadow banking infrastructure, access to crypto, shadow fleet, weapons procurement networks, funding for terrorist proxies in the region, and independent Chinese “teapot” refineries that support…

— Treasury Secretary Scott Bessent (@SecScottBessent) April 29, 2026

He also said officials moved against weapons procurement networks and Chinese “teapot” refineries buying Iranian crude. According to Bessent, the actions disrupted “tens of billions of dollars of revenue.” He added that the funds would have supported terrorism activities.

Bessent said Kharg Island was nearing storage capacity due to pressure on exports. He estimated potential losses at about $170 million per day if production slows. He described Iran as facing growing strain under the sanctions.

Market analyst Shanaka Anslem Perera reviewed the latest designations linked to the campaign. He said authorities listed 35 entities and individuals under two executive orders. He identified UK-registered Shuqun Ltd among the named firms.

Perera said Shuqun Ltd transferred over $70 million for Iranian crude through 2024. He also cited Fratello Carbone Trading Limited, which reportedly moved more than $20 million. He said total Iran-related targets now exceed 1,000 since February 25.

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Bitcoin Price Reacts to Iran-Linked Developments

Digital assets have shown price swings tied to recent Iran developments. On April 8, the Financial Times reported Iran sought Bitcoin payments for Strait of Hormuz passage. Following that report, BTC rose from about $68,000 to nearly $73,000.

Later, reports said Iran submitted a peace proposal through Pakistani mediators on April 27. That update pushed Bitcoin to a 12-week high near $80,000. However, the proposal was rejected, and BTC fell sharply afterward.

On April 29, President Donald Trump posted on Truth Social about Iran’s condition. He said Iran had entered a “state of collapse.” After the post, oil prices climbed above $100 per barrel, and BTC dropped below $76,000.

Perera said Bessent’s language aimed beyond Tehran in its warning. He said the message targeted banks, exchanges, and intermediaries processing Iranian transactions. He said the Treasury now treats crypto channels as part of trade settlement systems.

The Treasury statement marked the first explicit reference to crypto in the Iran pressure campaign. Officials previously focused on banks, oil traders, and shipping companies. The April 29 statement placed digital assets alongside shadow banking and procurement networks.