US Treasury Targets Iran’s Crypto Sector Over $100M in Digital Asset Payments

Highlights:

• U.S. Treasury added Iran’s crypto sector to new sanctions as it increases pressure on the country.
• An Iran-linked oil broker handled more than $100 million in crypto payments, according to the Treasury.
• OFAC also targeted an Iranian hacker accused of stealing Bitcoin and attacking U.S. organizations.

The U.S. Treasury has increased pressure on Iran’s crypto sector by expanding sanctions against people and companies linked to the country’s digital asset activity. The move comes after the Treasury said an Iran-linked oil broker handled more than $100 million in cryptocurrency payments from oil sales connected to the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF).

The Treasury announced the measures on August 24, as part of a new campaign called Operation Economic Outcast. The Office of Foreign Assets Control (OFAC) also sanctioned nearly 60 individuals, companies, and vessels linked to Iranian cyber operations, oil revenue networks, and military procurement.

🚨TREASURY SANCTIONS IRAN HACKERS’ CRYPTO WALLETS THAT TOOK IN $16.8M!

Under Operation Economic Outcast, OFAC designated members of the Mabna Institute, an Iran-based hacking-for-hire group charged by DOJ with years of cyber intrusions against universities, companies, and… pic.twitter.com/VYpLLQE9fE

— Crypto Banter (@crypto_banter) August 25, 2026

US Treasury Widens Sanctions Risk for Iran’s Crypto Sector

OFAC issued new sectoral sanctions determinations under Executive Order 13902 covering five areas of the Iranian economy: digital assets, technology, gold, aviation, and shipping. For crypto, the Treasury said Iran has increasingly turned to digital assets to evade sanctions. It also said some cryptocurrency transactions have supported the IRGC and Iranian government insiders.

The new determination gives OFAC wider authority to sanction foreign people and businesses that operate in Iran’s digital asset sector or provide services supporting it. The Treasury said this authority can apply regardless of where those people or businesses are located. The action also increases secondary sanctions risks for foreign entities that continue certain business with Iran.

Treasury Secretary Scott Bessent said:

“Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone.”

Iran-Linked Broker Processed Over $100M in Crypto Payments

Cryptocurrency also appears directly in one of the major cases announced by the Treasury. OFAC sanctioned Ivan Obukhov, a UAE-based Ukrainian national who allegedly worked as a broker for Iran’s shadow fleet. The Treasury said he helped arrange Iranian oil shipments for the country’s military and its proxies.

Since 2023, Obukhov has processed more than $100 million worth of cryptocurrency payments to support oil sales on behalf of the IRGC-QF, according to the Treasury. He also worked with another broker to buy vessels that were later used in sanctions-evasion operations. Obukhov owns and manages UAE-based Foscom FZE, which OFAC also sanctioned.

Treasury Also Targets Iranian Hacker Linked to Bitcoin Theft

The latest action also covers digital asset theft. The Treasury sanctioned Arman Kahzadian, an Iranian cyber actor who allegedly focused on stealing crypto. In the summer of 2023, Kahzadian gained control of a wallet containing more than $30,000 worth of Bitcoin, according to the agency.

Kahzadian belonged to a wider Iranian cyber group that the Treasury linked to Iran’s Ministry of Intelligence and Security. Other members allegedly compromised U.S. energy companies, defense contractors, healthcare organizations, technology firms, financial institutions, and government offices.

The wider sanctions package also brings financial consequences. U.S. authorities require companies to freeze and report any assets linked to sanctioned people or businesses under U.S. control. The rules also limit certain transactions with sanctioned parties. Foreign banks could also face penalties if they handle major transactions for them.

By adding digital assets to the sectors covered by the new determinations, the Treasury has put Iran-linked cryptocurrency transactions, crypto service providers, sanctions evasion, Bitcoin theft, and digital asset payments under greater U.S. sanctions scrutiny.