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U.S. efforts to crack down on Iran’s growing use of cryptocurrency are intensifying as officials work to cut off financial channels tied to the regime as tensions rise in the Middle East.
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FOX Business’ Darren Botelho joined FOX Business’ Stuart Varney on “Varney & Co.” to report on the Trump administration’s efforts to track and freeze cryptocurrency linked to Iran as the regime reportedly increases its use of Bitcoin-based transactions to help move money outside the traditional banking system.
Treasury Secretary Scott Bessent said the Treasury Department has frozen nearly $500 million in cryptocurrency connected to the Iranian regime, including $344 million last month alone. Botelho also cited new estimates from a threat-detection data firm showing Tehran controls roughly $7.7 billion in digital assets.
The report comes as Iran reportedly launched a new digital insurance platform for cargo ships operating through the Strait of Hormuz, with payments reportedly being settled entirely in Bitcoin.
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Industry experts say cryptocurrency can still leave a trail for investigators despite being viewed by some foreign adversaries as a way to evade sanctions.
“We found over and over again that they’re actually a much better asset for U.S. law enforcement and other agencies to track because you leave a lot of breadcrumbs,” 250 Digital Asset Management CEO Chris Perkins said.
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Botelho also reported that industry insiders believe Washington could increase pressure by threatening to cut off crypto exchanges from the American banking system.
