US Targets Iran Crypto Sector Over $100M Oil Payments
Treasury said the new authority lets it target foreign firms and individuals supporting Iran’s crypto industry after alleging more than $100 million in oil-sale payments.
- On August 24, the United States Treasury expanded sanctions to Iran's digital asset sector, granting the Office of Foreign Assets Control broader authority to target foreign companies and individuals supporting the country's cryptocurrency industry.
- Treasury alleged that UAE-based broker Ivan Obukhov processed over $100 million in cryptocurrency since 2023 to facilitate oil sales for the Islamic Revolutionary Guard Corps-Quds Force, citing Iran's use of crypto for sanctions evasion.
- Under Executive Order 13902, the new determination "significantly expands" OFAC's ability to sanction any entity operating in or providing services supporting Iran's digital asset sector, regardless of their location.
- Companies owned 50% or more by blocked parties face frozen US-linked assets, while foreign financial institutions facilitating significant transactions for designated parties face potential restrictions on United States accounts.
- This measure, part of "Operation Economic Outcast," follows Treasury Secretary Scott Bessent announcing the United States seized nearly $1 billion in cryptocurrency from Iranian wallets, signaling a sustained enforcement campaign.
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U.S. Widens Iran Crackdown to Encompass Crypto, Gold, Shipping and Technology - Miami Independent
Photo: CoinDesk Please Follow us on Gab, Minds, Telegram, Rumble, Truth Social, GETTR, X, Youtube, Instagram The Office of Foreign Assets Control (OFAC) has determined that it has authority to sanction any person, not limited by geographic location, involved in Iran's cryptocurrency commerce. The Iranian regime has increasingly turned to cryptocurrency in order to conduct sanctions evading transactions including support of IRGC affiliated entiti…
REALITY CHECK | Crypto is a ‘Tool of Choice for Sanctions Evasion’ for Iran, Says U.S Treasury
The U.S. Treasury has expanded its Iran sanctions campaign to the country’s digital-asset sector saying cryptocurrency has increasingly become a tool of choice for Tehran and its networks to evade sanctions and move oil revenues. Dubbed ‘Operation Economic Outcast,’ the goal is to ‘sever the economic lifelines that sustain the Iranian regime and the Islamic Revolutionary Guard Corps (IRGC)’ through ‘a sustained and systematic campaign to close e…
Treasury Targets Iran Crypto Sector and $100M Oil Payment Network
The Treasury has opened Iran’s digital asset sector to broader sanctions while targeting a broker accused of processing over $100 million in cryptocurrency for oil sales supporting Iran’s military and its proxies. OFAC Opens Iran’s Digital Asset Sector to Sanctions Foreign crypto businesses now face broader sanctions exposure when dealing with Iran-linked counterparties following the […]
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