US Targets Iran's Crypto Sector with Sweeping Sanctions

The US Treasury has taken steps to curb Iran's use of cryptocurrency for illicit activities. The Office of Foreign Assets Control (OFAC) issued sectoral sanctions determinations covering digital assets, technology, gold, aviation, and shipping, citing more than $100 million in crypto payments allegedly used to facilitate Iranian oil sales.

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. OFAC sanctioned Obukhov and his UAE-based company, Foscom FZE.

This expansion of sanctions against Iran's digital asset sector follows a series of US actions against named crypto exchanges and wallets linked to Iran. In January, OFAC sanctioned UK-registered Zedcex and Zedxion, marking its first Iran-related designations of digital asset exchanges.