US Treasury Expands Crypto Sanctions Against Iran

Treasury Names Iran's Digital Asset Sector a Sanctionable Category

The US Department of the Treasury has broadened its sanctions framework to cover Iran's entire digital asset sector, marking a significant escalation in Washington's campaign to choke off Tehran's access to international financial networks.

Unlike earlier actions that targeted specific platforms, the latest determination provides a basis for sanctions based on participation in Iran's wider digital asset sector. The Treasury said the determination "significantly expands" its ability to sanction foreign individuals and companies operating in or providing services supporting the covered sectors.

Treasury has issued determinations against five critical sectors, including digital assets, technology, gold, aviation, and shipping, that the Iranian regime uses to try to prop up its failing economy.

Obukhov and Foscom FZE Sanctioned Over Oil-Linked Crypto Payments

OFAC sanctioned UAE-based Ukrainian national Ivan Obukhov and his company Foscom FZE. According to Treasury, Obukhov facilitated Iranian military oil shipments and processed more than $100 million in cryptocurrency payments since 2023 to support oil sales on behalf of the IRGC's Quds Force. Obukhov also purchased vessels later used for sanctions evasion activities and serves as the owner and general manager of Foscom FZE, which he acquired in 2022.

The action is part of a broader sweep. On August 24, 2026, the US Department of the Treasury launched Operation Economic Outcast, describing it as a whole-of-government economic campaign against the Islamic Republic of Iran and its enablers. OFAC designated nearly 60 entities, individuals, and vessels in this action, spanning networks involved in nuclear and missile procurement, cyber operations, and oil revenue generation.

The latest measures build on a series of earlier enforcement steps. In January, OFAC sanctioned UK-registered Zedcex and Zedxion in its first Iran-related designations of digital asset exchanges. In June, the Treasury sanctioned four Iranian crypto exchanges, including the country's largest platform, Nobitex. Most recently, OFAC sanctioned exchanges Shelbit and Aban Tether in August, alleging they facilitated a combined $5 million in digital assets connected to Iran.

Total US cryptocurrency recovered from Iranian exchanges and wallets since the start of the enforcement campaign is now approximately $1 billion, according to Treasury Secretary Scott Bessent.

Sources:
US Department of the Treasury: Operation Economic Outcast press release
TRM Labs: Operation Economic Outcast analysis
CoinDesk: US widens Iran crypto crackdown