Jack Paul 
The U.S. Treasury expanded sanctions against Iran’s digital asset sector on Aug. 24. The Office of Foreign Assets Control now has broader authority to target foreign companies and individuals who support Iran’s cryptocurrency industry.
The move came alongside sanctions on nearly 60 entities, individuals, and vessels linked to Iranian nuclear, missile, cyber, and oil networks. Treasury also accused UAE-based broker Ivan Obukhov of processing more than $100 million in cryptocurrency for oil sales tied to Iran’s Islamic Revolutionary Guard Corps-Quds Force.
Digital assets added to sanctions sectors
The new OFAC determination adds digital assets to the 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 they are based. The determination took effect Aug. 24.
This does not automatically blacklist every crypto company serving Iranian users. OFAC must still identify and designate specific parties before blocking measures apply. But participation in the sector can now be a basis for future designations.
$100 million oil payment allegations
Treasury alleged that Obukhov, a Ukrainian national based in the UAE, brokered vessels carrying Iranian oil and facilitated shipments for Iran’s military and affiliated groups. Since 2023, he allegedly processed more than $100 million in crypto payments for oil sales linked to the Quds Force.
OFAC also sanctioned Foscom FZE, the UAE company Obukhov owns. Treasury did not publish wallet addresses, transaction hashes, or named counterparties behind the $100 million figure, so the amount remains an allegation rather than a verified on-chain total.
Broader pressure on foreign crypto firms
Designated parties face blocking of property that enters the United States or comes under U.S. control. Companies owned 50% or more by blocked people are also covered. U.S. persons generally cannot transact with designated parties unless OFAC grants an authorization.
The expanded authority goes beyond Iranian exchanges. Overseas brokers, payment processors, wallet operators, and technology providers may face sanctions if OFAC determines they operate in, or support, Iran’s digital asset sector. The action is part of a campaign Treasury calls Operation Economic Outcast.
The new sectoral determination follows earlier enforcement. In June, OFAC sanctioned Nobitex, Wallex, Bitpin, and Ramzinex over an alleged $4 billion sanctions-evasion network. On Aug. 7, it targeted Shelbit and Aban Tether for processing around $5 million involving sanctioned Iranian platforms.
Crypto exchanges and compliance providers now need to watch OFAC designations, connected wallets, and ownership structures closely. Treasury described the Aug. 24 measures as the start of a sustained enforcement campaign, suggesting more Iran-related crypto designations could follow.