US targets UAE-based crypto exchange over alleged Iran sanctions evasion scheme

The United States Treasury Department has imposed sanctions on an unlicensed, multi-state cryptocurrency exchange based in the United Arab Emirates. The U.S. government alleges that the platform facilitated the movement of millions of dollars in digital assets on behalf of Iran’s Islamic Revolutionary Guard Corps and other state-linked entities to bypass international financial restrictions.

Treasury Secretary Scott Bessent stated that the action is part of a broader effort to dismantle illicit financial networks that support the Iranian regime. The designation marks a significant move by U.S. authorities to curb the use of decentralized financial technology in evading established sanctions programs.