US Widens Crypto Enforcement Against Iran Amid $100M Oil-Linked Payments

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

According to a statement from the Office of Foreign Assets Control (OFAC), nearly 60 entities, individuals, and vessels across nuclear, missile, cyber, and oil networks have been sanctioned.

The digital asset determination allows OFAC to sanction foreign individuals and companies that operate in or provide services supporting Iran's digital asset sector.

Iran is increasingly using crypto as a tool for sanctions evasion, including transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and government insiders, the Treasury alleged.

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 said. Obukhov and his UAE-based company, Foscom FZE, were sanctioned as a result.

This move follows a series of US actions against named crypto exchanges and wallets linked to Iran, including sanctions on UK-registered Zedcex and Zedxion in January, four Iranian crypto exchanges in June, and exchanges Shelbit and Aban Tether in August.