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The U.S. Treasury has expanded its sanctions authority to cover people and businesses operating in Iran’s digital-asset sector. The move broadens Washington’s ability to target foreign parties involved in specified crypto-related activity connected to Iran.
The new authority forms part of a wider sanctions package announced on August 24 under Operation Economic Outcast. Treasury also targeted individuals, companies, and vessels it said were involved in Iranian oil sales, shipping and financial networks.
Treasury Adds Digital Assets to Targeted Sectors
The Treasury said the Office of Foreign Assets Control can now impose sanctions on people determined to operate in five sectors of Iran’s economy: digital assets, technology, gold, aviation, and shipping. The determination adds the digital-asset sector to the areas where involvement can create sanctions exposure under applicable U.S. authorities.
Treasury said the new sectoral determinations expand its ability to sanction foreign persons involved in specified activities connected to Iran’s digital-asset sector. The measure is aimed at financial networks Washington says Iran uses to move funds and reduce its reliance on traditional banking channels.
Crypto Payments Appear in Latest Enforcement Action
The broader sanctions package targeted nearly 60 individuals, entities, and vessels. Treasury said Ukrainian shipping broker Ivan Obukhov had processed more than $100 million in cryptocurrency payments since 2023 to facilitate Iranian oil sales on behalf of the Islamic Revolutionary Guard Corps-Quds Force. Treasury Secretary Scott Bessent said:
“Any entity that facilitates money laundering on behalf of Iran will be removed from the U.S. dollar system.”
Crypto Firms Face Broader Iran-Related Compliance Risk
The change does not impose new restrictions on Bitcoin or other cryptocurrencies themselves. Instead, it gives Treasury additional authority to target people and businesses whose activities fall within the newly designated Iranian digital-asset sector.
For exchanges, payment providers and other crypto businesses, the development adds new compliance risk when dealing with Iran-linked customers, counterparties, or transactions. The practical effect will depend on how OFAC applies the new authority in future enforcement and designation actions.
