TLDR Treasury added Iran’s digital asset sector to Executive Order 13902 sanctions authority on August 24. A UAE-based broker is accused of moving over $100 million in crypto tied to Iran-lin
The US Treasury took new action against Iran’s crypto sector on August 24. The Office of Foreign Assets Control now has wider power to target companies and people tied to Iran’s digital asset industry.
The change adds digital assets to a list of sectors already covered under Executive Order 13902. Technology, gold, aviation and shipping were already on that list.
This means OFAC can sanction anyone found to operate in, or support, Iran’s crypto sector. It does not matter where that person or company is based.
The rule does not sanction every crypto firm that serves Iranian users right away. OFAC still has to name specific people or companies before blocking rules apply.
Once someone is named, though, the effects are wide. Any property they own under US control must be blocked.
Companies owned half or more by a sanctioned person are covered too. US banks and individuals generally cannot do business with these parties unless OFAC grants an exception.
Foreign banks face risk as well. If a bank knowingly helps move money for a sanctioned party, it could lose access to US correspondent accounts.
Treasury also named a UAE-based broker, Ivan Obukhov, in this round of sanctions. He is a Ukrainian national accused of arranging oil shipments for Iran’s military and related groups.
Treasury says that since 2023, Obukhov moved more than $100 million in crypto payments. The funds were allegedly tied to oil sales connected to Iran’s Revolutionary Guard Quds Force.
OFAC also sanctioned Foscom FZE, a company Obukhov owns. Treasury said he bought the firm in 2022 and used it for his brokerage work.
Treasury did not release wallet addresses, transaction records or the names of buyers tied to the $100 million figure. The number comes from Treasury’s own claim and has not been checked against public blockchain data.
The August 24 action was part of a larger sweep. Close to 60 entities, individuals and vessels were sanctioned across networks linked to Iran’s nuclear program, missile program, cyber activity and oil trade.
This is not the first time crypto has come up in Iran sanctions this year. In June, OFAC sanctioned exchanges Nobitex, Wallex, Bitpin and Ramzinex as part of a case involving an alleged $4 billion sanctions evasion network.
On August 7, OFAC sanctioned two more platforms, Shelbit and Aban Tether. Treasury said those two moved around $5 million tied to already sanctioned Iranian platforms.
The earlier cases focused on named exchanges and specific transactions. This latest step is broader because it lets OFAC punish anyone tied to the sector, even without a named transaction yet.
Treasury calls this ongoing push Operation Economic Outcast. Officials said foreign governments would get timelines to shut down Iran-linked activity, though no single deadline was given publicly.
Crypto firms and compliance teams are now expected to watch OFAC’s designation list closely. Treasury said the August 24 sectoral rule marks the start of a longer enforcement push, meaning more Iran-related crypto sanctions could follow in the coming months.
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