US Sanctions Anyone Operating in Iran's Crypto Sector

The US Treasury has issued a new sectoral determination allowing it to sanction anyone operating in Iran's crypto sector, part of a broader campaign against the country's economy. The move builds on earlier determinations covering Iran's financial and petroleum sectors.

According to the Treasury, Iran is increasingly relying on cryptocurrency for sanctions evasion, with transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and regime insiders. Ivan Obukhov, a Ukrainian national based in the UAE, has processed over $100 million in crypto payments since 2023 to facilitate oil sales on behalf of the IRGC's Qods Force.

The determination also names Arman Kahzadian, who is accused of taking control of a wallet holding over $30,000 in Bitcoin in summer 2023. This is part of a broader effort to disrupt Iran's crypto activities, with two earlier moves against Iranian crypto activity including the sanctioning of exchange Nobitex and firms accepting Bitcoin for safe passage through the Strait of Hormuz.