US Targets Iran's Crypto Sector with Expanded Sanctions Framework
The US Treasury has expanded its Iran sanctions framework to include the country's digital asset sector. This move is in response to over $100 million in crypto payments allegedly used to facilitate Iranian oil sales, according to the Treasury.
The Office of Foreign Assets Control (OFAC) issued sectoral sanctions determinations covering digital assets, technology, gold, aviation, and shipping. The agency also sanctioned nearly 60 entities, individuals, and vessels across nuclear, missile, cyber, and oil networks.
The determination allows OFAC to sanction foreign individuals and companies that operate in or provide services supporting Iran's digital asset sector. This is reportedly due to the country increasingly using crypto as a 'tool of choice for sanctions evasion,' including transactions linked to the IRGC and government insiders.