US Expands Sanctions on Iran’s Crypto Sector, Citing $100M in Oil‑Linked Payments

The U.S. Treasury has broadened its sanctions framework to encompass Iran’s digital asset sector, alleging that over $100 million in crypto payments were used to finance oil sales.

A New Front in Washington’s Sanctions Playbook

OFAC announced sectoral sanctions covering digital assets, technology, gold, aviation and shipping, directly targeting Iran’s use of crypto as a “sanctions‑evasion tool.”

Iran’s Growing Reliance on Cryptocurrency

Iranian actors, including the IRGC and senior government insiders, are increasingly adopting crypto to bypass traditional financial channels that have become heavily restricted.

OFAC’s Target List Expands

■Ivan Obukhov, a UAE‑based Ukrainian broker, processed $100+ million in crypto payments since 2023.

■Foscom FZE, Obukhov’s UAE entity, was sanctioned alongside him.

■Zedcex and Zedxion, UK‑registered exchanges, were the first Iran‑related crypto entities hit in January.

■Nobitex, Iran’s largest crypto exchange, was added to the sanctions list in June alongside three other platforms.

■Shelbit and Aban Tether, sanctioned on Aug. 7, were accused of facilitating a combined $5 million in Iran‑linked digital assets.

Market and Regulatory Ripple Effects

The expanded sanction regime mandates the blocking of U.S.-linked assets of designated parties and warns that foreign banks facilitating significant transactions could face restrictions on U.S. account access. Anticipated outcomes include a contraction of regional liquidity and an elevated risk premium across global crypto markets.

Markets view this move as a decisive signal that Washington intends to choke off Iran‑backed crypto flows. Liquidity providers and DeFi protocols are likely to reassess collateral and margin requirements amid heightened uncertainty, while Iran’s crypto ecosystem may accelerate the search for alternative payment channels, amplifying regulatory risk for regional exchanges.