The US Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, said it has proposed cutting off Banque Misr UAE from access to US dollar correspondent banking, alleging the bank processed about $1.8 billion in transactions for Iran-linked entities between January 2024 and June 2026. The statement said the activity involved companies tied to Iran’s Ministry of Defense and the Islamic Revolutionary Guard Corps.
FinCEN said the proposed action forms part of “Operation Economic Outcast,” an initiative announced by Treasury Secretary Scott Bessent on Aug. 24 and aimed at financially isolating Iran. While the enforcement step did not name any specific cryptocurrency platform, the proposal explicitly warned that the digital asset and technology sectors face heightened sanctions risk going forward.
The case does not directly target a crypto business, but the reference to digital assets places the sector within the scope of future sanctions scrutiny outlined by US authorities.
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) said it has proposed cutting off Banque Misr UAE from access to US dollar correspondent banking, alleging the bank processed about $1.8 billion in transactions for Iran-linked entities between January 2024 and June 2026.
According to the FinCEN statement, the transactions involved companies tied to Iran’s Ministry of Defense and the Islamic Revolutionary Guard Corps.
FinCEN said the proposed measure is part of “Operation Economic Outcast,” announced by Treasury Secretary Scott Bessent on Aug. 24, with the stated goal of financially isolating Iran.
The proposal also said the digital asset and technology sectors will face higher sanctions risk in the future, although this enforcement action did not directly identify any specific cryptocurrency platform.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
