The US Treasury has launched an investigation into Iran's cryptocurrency exchanges.

U.S. Treasury Department is investigating whether Iran is using not only individual wallets but also cryptocurrency exchanges and other digital asset infrastructures to evade Western sanctions.

Blockchain analysis firm TRM Labs reported that a Iran-linked exchange, Zedcex, processed approximately $1 billion in fund transactions linked to the Islamic Revolutionary Guard Corps (IRGC). This situation highlights a shift towards service layer platforms that serve as repeated access points for sanctioned networks.

U.S. officials are targeting exchanges, stablecoin connections, and other liquidity centers as Iran's cryptocurrency activities are reported to grow annually between $8 to $10 billion. Within this growth, a significant share is said to be linked to the Islamic Revolutionary Guard Corps, while it is also noted that many ordinary Iranians use cryptocurrency to preserve their savings and gain access to dollars.