Operation Economic Outcast — Iran Digital Asset Sanctions

10 January 2020

Executive Order 13902 signed, authorizing Treasury to designate sectors of the Iranian economy as sanctionable and to pursue secondary sanctions against persons operating in designated sectors.

23 April 2026

Tether froze approximately $344.2 million in USDT held in two Tron addresses directly attributed by OFAC to Iran's Central Bank, in what public reports described as the largest single on-chain freeze of Iranian sovereign crypto reserves on record. The action was coordinated with OFAC and described by Treasury Secretary Bessent as part of the 'Economic Fury' campaign.

2 June 2026

OFAC designated Nobitex, Wallex, Bitpin, and Ramzinex — Iran's four largest domestic cryptocurrency exchanges — in the largest crypto-specific OFAC action ever taken against Iranian exchange infrastructure at the time. Nobitex was alleged to have processed more than 50% of all Iranian digital asset inflows in 2025.

16 July 2026

OFAC added four additional Central Bank of Iran cryptocurrency wallets to the SDN list; Tether froze an additional $131 million in USDT across those wallets, bringing the total blocked across both 2026 actions to approximately $475 million.

7 August 2026

OFAC designated Shelbit Exchange (Georgia), Aban Tether (Iran), and associated entities and individuals including operator Siavash Kayvanpour. Shelbit was alleged to have transmitted over $2 million to IRGC-linked addresses and received over $1 million from IRGC addresses.

18 August 2026

DOJ unsealed a superseding indictment in the Southern District of New York charging 17 Iranian nationals affiliated with the Mabna Institute with hacking-related offenses across 14 counts, including allegations of cyber intrusions against U.S. universities, companies, government agencies, and NGOs on behalf of the IRGC.

24 August 2026

Treasury launched Operation Economic Outcast, designating approximately 60 entities, individuals, and vessels and issuing five sectoral sanctions determinations under E.O. 13902 covering digital assets, technology, gold, aviation, and shipping. For the first time, Iran's entire digital asset sector was designated as a sanctionable segment of the Iranian economy. OFAC simultaneously listed 30 cryptocurrency addresses across Bitcoin, Ethereum, and TRON attributed to five Mabna Institute members, and additional addresses tied to other designated individuals. General Licenses for educational, remittance, conference, sports, and academic access to Iran were suspended; General License BB authorized wind-down transactions through September 8, 2026.

8 September 2026

General License BB wind-down window for transactions covered by suspended general licenses expired. After this date, specific licenses became mandatory for any previously authorized activity.