Iran has reportedly altered its foreign-exchange framework to provide companies with additional options for repatriating export income, allowing digital assets to be used in international payments as tightening US sanctions take effect.
According to a report published Wednesday by the Financial Times, Iranian businesses can now utilize Bitcoin and Tether's USDT to settle payments with overseas counterparties. These transactions are processed via domestic cryptocurrency exchanges.
Furthermore, exporters have received greater control over capital earned outside Iran. Instead of routing these proceeds through the state-run exchange system to convert them at government-set rates, companies can apply the funds directly toward their individual import costs.
US Targets Iranian Crypto Assets and Exchanges
In response, Washington has focused its measures on Iranian activity within the digital asset sector, targeting both trading platforms and specific cryptocurrencies. In early June, the US Treasury sanctioned four Iranian crypto exchanges as part of its “Economic Fury” campaign.
Treasury Secretary Scott Bessent stated shortly prior to the unveiling of those sanctions that the United States had seized control of Iranian digital assets valued at approximately $1 billion.
Additionally, Bessent announced another measure on July 14, noting that US authorities had ordered the freezing of more than $130 million worth of cryptocurrency held in wallets connected to Iran's central bank.
Separate blockchain investigations have also highlighted the scope of cryptocurrency activity tied to sanctioned Iranian parties. TRM Labs reported in June that transactions linking the CoinEx platform to sanctioned Iranian entities exceeded $3.8 billion over a period of more than seven years.
CoinEx subsequently disputed any suggestions that it maintained business ties with the Iranian state or domestic crypto platforms, stating that it had not assisted sanctioned entities in obtaining financing.
