US Targets Iran's Crypto Sector with Expanded Sanctions
The US Treasury has expanded its sanctions on Iran to include its digital asset sector. The move is aimed at preventing Iranian oil sales and alleged use of cryptocurrency payments exceeding $100 million.
The Office of Foreign Assets Control (OFAC) has designated additional sectors, including digital assets, technology, gold, aviation, and shipping. This expansion allows the US government to sanction not only crypto companies directly tied to Iran but also foreign actors that participate in or provide services to the ecosystem.
The Treasury's core allegation links cryptocurrency payments to transactions facilitating Iranian oil sales. The sector-based approach can extend pressure to a broader set of intermediaries, unlike earlier actions focused on named exchanges and wallets.