US targets Iran’s crypto sector, cites over $100M in oil-linked payments
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
The US Treasury expanded its Iran sanctions framework to include the country's digital asset sector, citing over $100 million in crypto payments used to facilitate Iranian oil sales. The Office of Foreign Assets Control (OFAC) issued sectoral sanctions targeting digital assets, technology, and other industries, sanctioning nearly 60 entities tied to nuclear, missile, cyber, and oil networks. Among those designated was UAE-based Ukrainian broker Ivan Obukhov and his company Foscom FZE for processing crypto payments on behalf of the IRGC’s Quds Force.
Why it matters
This development broadens US sanctions enforcement by allowing OFAC to target any foreign individuals or companies involved with Iran’s digital asset sector. According to the Treasury, Iran increasingly uses cryptocurrency as a method to evade sanctions, particularly in transactions linked to the IRGC and government insiders. The expanded authority aims to curb these activities more effectively.
Key context
Prior to this sector-wide determination, OFAC had already sanctioned specific Iranian exchanges and wallets, such as UK-registered Zedcex and Zedxion in January, Iran’s largest exchange Nobitex in June, and Shelbit and Aban Tether in August. These actions built up to the current broader sanction authority under Executive Order 13902. The Treasury claims nearly $1 billion in cryptocurrency has been seized from Iranian exchanges and wallets.
Key numbers and entities
The US Treasury, Office of Foreign Assets Control (OFAC), Iranian Islamic Revolutionary Guard Corps (IRGC), Quds Force, Ivan Obukhov, Foscom FZE, Zedcex, Zedxion, Nobitex, Shelbit, and Aban Tether are mentioned. Over $100 million in crypto payments facilitated by Obukhov's operation and nearly $1 billion seized cryptocurrency are cited figures.
What remains unclear
The source does not specify the exact mechanisms or technologies Iran uses to facilitate these crypto payments or how enforcement against this expanded sanction authority will be operationalized globally. Details on the responses or potential countermeasures from sanctioned entities or foreign jurisdictions are also not provided.