US Widens Crypto Sanctions Against Iran Amid $100M Oil Transaction Allegations

The US Treasury has widened its sanctions framework to cover Iran's digital asset sector, citing over $100 million in crypto payments allegedly used to facilitate Iranian oil sales.

The Office of Foreign Assets Control (OFAC) issued sectoral sanctions determinations covering digital assets, technology, gold, aviation, and shipping on Monday.

The determination allows OFAC to sanction foreign individuals and companies that operate in or provide services supporting Iran's digital asset sector, which the Treasury says is increasingly used as a 'tool of choice for sanctions evasion.'

The Treasury alleged that UAE-based Ukrainian broker Ivan Obukhov processed over $100 million in crypto payments since 2023 to facilitate oil sales on behalf of the IRGC's Quds Force.