TechFlow News, May 21: According to a Forbes report, U.S. Treasury Secretary Scott Bessent stated that the U.S. Department of the Treasury has frozen nearly $500 million in cryptocurrency assets linked to the Iranian regime, including $344 million frozen last month.
The report notes that Iran currently controls approximately $7.7 billion in digital assets and uses Bitcoin to settle insurance payments for cargo ships transiting the Strait of Hormuz.
The United States is intensifying its crackdown on Iran’s cryptocurrency activities to cut off channels Iran uses to circumvent sanctions and transfer funds. Industry insiders say cryptocurrency transactions remain traceable, and the U.S. may further pressure Iran by restricting cryptocurrency exchanges’ access to the U.S. banking system.
