LONDON: The United States announced sanctions on Friday targeting crypto exchanges and shadow banking networks used by Iran to launder billions of dollars.

The announcements were the latest effort by Washington to squeeze Iran’s finances with its “Economic Fury” campaign, which was launched alongside the joint US-Israeli military operation against Tehran.

The Treasury Department designated two digital asset exchanges and an Iranian man running a network of front companies to facilitate “illicit cryptocurrency activity and sanctions evasion.”

In a separate announcement, the department said it had designated 35 entities and individuals linked to Iran’s shadow banking network.

“The Iranian regime’s reliance on…