The U.S. Treasury Department is investigating whether cryptocurrency platforms and related infrastructure are being used to help Iran evade sanctions. The focus has shifted from individual wallets to exchanges, stablecoin channels, and liquidity hubs, which are considered 'service layer' systems. With Iran's annual crypto trading volume estimated at $8 billion to $10 billion, the U.S. has imposed sanctions on crypto exchanges operating within Iran's financial system for the first time. The Office of Foreign Assets Control has added these platforms to its sanctions list, emphasizing that cutting off liquidity and funding channels is crucial to combating sanctions evasion, rather than targeting individual addresses.