The U.S. Treasury is investigating whether cryptocurrency platforms and infrastructure are being used to facilitate sanctions evasion by Iran. This marks a shift in enforcement focus from individual wallets to broader "service layer" systems, including exchanges, stablecoin ramps, and liquidity hubs. Iran's annual crypto transaction volume is estimated to be between $8 billion and $10 billion. In a significant move, the Office of Foreign Assets Control (OFAC) has sanctioned crypto exchanges operating within Iran's financial system for the first time. This action underscores the increasing scrutiny on how digital assets may be used to bypass international sanctions.