US targets Iran’s crypto sector, cites over $100M in oil-linked payments

The US Treasury expanded sanctions to Iran’s digital asset sector, alleging a UAE-based broker processed over $100 million in crypto for oil sales.

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

On Monday, the Treasury said the Office of Foreign Assets Control (OFAC) issued sectoral sanctions determinations covering digital assets, technology, gold, aviation and shipping. The agency also sanctioned nearly 60 entities, individuals and vessels across nuclear, missile, cyber and oil networks.

The digital asset determination allows OFAC to sanction foreign individuals and companies that operate in or provide services supporting Iran’s digital asset sector. The Treasury said Iran increasingly uses crypto as a “tool of choice for sanctions evasion,” including for transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and government insiders. 

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