BlockBeats report: On September 7, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently found that approximately $9 billion in suspected Iranian-linked "shadow banking" activity flowed through U.S. correspondent accounts in 2024, with about $5 billion originating from foreign shell companies and another $4 billion involving foreign oil companies suspected of acting as front entities for Iran.
The report states that entities related to Iran can access the U.S. dollar system through intermediaries and correspondent banks in financial hubs such as the UAE, Hong Kong, and Singapore, without needing to hold direct U.S. bank accounts. These networks obscure their connection to Iran through layered transactions involving shell companies, currency exchange services, and enterprises in oil, shipping, investment, and technology.
In addition to traditional financial channels, Iran is increasingly relying on cryptocurrencies to circumvent sanctions. Reuters previously estimated that cryptocurrency activities involving Iran reached $8 billion to $10 billion in 2025. The U.S. government has recently expanded the scope of secondary sanctions against Iran to include digital assets, gold, technology, aviation, and shipping sectors.