US targets Iran’s crypto sector, cites over $100M in oil-linked payments
The US Treasury expanded Iran sanctions to include the country’s digital asset sector, saying crypto is increasingly used for sanctions evasion and oil sales. OFAC can now sanction foreign people and firms that operate in or support Iran’s digital asset sector under Executive Order 13902. Treasury alleged more than $100 million in crypto payments were used to facilitate oil sales linked to the IRGC’s Quds Force and sanctioned UAE-based broker Ivan Obukhov and his company, Foscom FZE. The move broadens enforcement beyond named exchanges and wallets, following recent sanctions on Zedcex, Zedxion, Nobitex, Shelbit, and Aban Tether. Treasury also sanctioned nearly 60 entities, individuals, and vessels tied to Iran’s nuclear, missile, cyber, and oil networks. Designated parties’ US-linked assets must be blocked, and foreign banks handling significant transactions for them could face US account restrictions.
