The U.S. Treasury moved on Aug. 24 to widen its sanctions against Iran’s digital asset sector. The new determination gives the Office of Foreign Assets Control broader authority to target foreign companies and individuals who support Iran’s cryptocurrency industry. It arrived alongside penalties on nearly 60 entities, individuals and vessels linked to Iranian nuclear, missile, cyber and oil networks.
Digital assets added to sanctions list
The latest OFAC determination adds digital assets to five sectors covered under Executive Order 13902. The others are technology, gold, aviation and shipping. OFAC can now sanction any person found to operate in Iran’s digital asset sector or provide services supporting it, no matter where that person is based. The measure took effect on Aug. 24, according to OFAC’s notice.
Treasury said cryptocurrency is becoming a common way to move money outside conventional banking. The department alleged that the Iranian regime increasingly turns to cryptocurrency as a tool for sanctions evasion. The move does not automatically punish every crypto company with Iranian users. OFAC still has to identify and designate specific parties before blocking applies. But simply taking part in the sector can now become a basis for future designations.
$100 million in crypto tied to oil sales
Treasury accused Ivan Obukhov, a Ukrainian national based in the UAE, of brokering vessels that carried Iranian oil. It said he worked for Iran’s military and affiliated groups. Since 2023, Obukhov allegedly processed more than $100 million in cryptocurrency to help oil sales for the Islamic Revolutionary Guard Corps-Quds Force. OFAC also sanctioned Foscom FZE, the UAE company Obukhov owns and manages.
The public release did not include wallet addresses, transaction hashes or token breakdowns to back up the $100 million figure. So the number remains a Treasury allegation, not a verified on-chain total.
What this means for foreign crypto firms
Any property belonging to designated parties must be blocked once it enters the United States or falls under a U.S. person’s control. Companies owned 50% or more by blocked parties are covered too. U.S. persons generally cannot deal with designated parties unless OFAC grants an authorization. Foreign financial institutions that knowingly handle major transactions for these parties could also face restrictions on U.S. correspondent accounts.
The expanded scope reaches beyond Iranian exchanges. Overseas brokers, payment processors, wallet operators and technology providers could face sanctions if OFAC decides they operate in or support Iran’s digital asset economy. Treasury calls the wider campaign Operation Economic Outcast. Officials said foreign governments would get defined timelines to close Iran-linked activities, but the public statement did not give a universal deadline.
OFAC has kept up the pressure
This is not the first round. In June, OFAC sanctioned Nobitex, Wallex, Bitpin and Ramzinex, part of a crackdown on an alleged $4 billion sanctions-evasion network. On Aug. 7, the agency targeted Shelbit and Aban Tether, claiming the two exchanges processed about $5 million involving sanctioned Iranian platforms, as crypto.news reported.
The earlier cases involved identifiable exchanges and transactions. The new sectoral determination is broader because it creates a legal opening for future sanctions based simply on participation in Iran’s digital asset economy. Compliance teams will need to track OFAC designations, connected wallets and ownership structures. Treasury says the Aug. 24 measures start a sustained campaign, so more Iran-related crypto designations may follow.
