US Treasury Cracks Down on Iran's Crypto Sanctions Evasion

The US Treasury has taken a significant step in its economic campaign against Iran by targeting the country's crypto-related methods of dodging sanctions. In a move that marks a new front in this fight, the Treasury announced on Monday that it had placed Iran's digital asset sector under the same sanctions authority as the country's oil, banking, and metals industries.

According to the Treasury, Iran has increasingly turned to cryptocurrency as a tool for sanctions evasion, supporting transactions linked to the Islamic Revolutionary Guard Corps and Iranian regime insiders. The Office of Foreign Assets Control (OFAC) can now sanction any person or entity that knowingly facilitates these transactions, regardless of their location.

The move is part of Operation Economic Outcast, a campaign against the Islamic Republic dubbed 'economic D-Day.' This escalation in exposure for crypto businesses worldwide means that foreign exchanges, OTC desks, payment processors, and infrastructure providers are now at risk of designation if they facilitate transactions supporting Iran's digital asset sector.

OFAC has also designated members of a group within the Ministry of Intelligence and Security accused of hacking US critical infrastructure on behalf of the regime. The group's wallets have been added to the Treasury's sanctioned list, along with those of key members Behzad Mesri, Keyvan Fayyaz Ghareh Blagh, and Arman Kahzadian.