The United States Department of the Treasury expanded the scope of sanctions against Iran and has begun to include the country's digital asset sector among the areas that can lead foreign individuals and companies to be targeted by US measures. The decision was announced on Monday (24), as part of Washington's new economic operation against the Iranian government.
With the change, the Office of Foreign Assets Control (OFAC) will be able to sanction individuals or companies, regardless of where they are located, that operate or provide support services to Iran's cryptocurrency sector. The measure was adopted based on Executive Order 13902, already used by the US to target other segments of the country's economy.
The Treasury states that Iran has increasingly resorted to cryptocurrencies to circumvent international sanctions and move funds linked to the Islamic Revolutionary Guard Corps and government members.
The decision increases the risk for exchanges, intermediaries, payment processors and other service providers that maintain operations related to the Iranian sector. Companies involved in money laundering or sanctions evasion for the benefit of the country may also lose access to the US financial system.
Cryptocurrencies Enter New US Pressure Front
Digital assets are part of a set of five sectors included in the new OFAC determinations: cryptocurrencies, technology, gold, aviation and maritime transport.
According to the Treasury, the new rules expand the possibility of applying secondary sanctions to foreign agents that continue supporting Iranian economic activities in these segments. The offensive was named Operation Economic Outcast.
Treasury Secretary Scott Bessent said that entities that facilitate money laundering for Iran could be removed from the dollar-based financial system. The US government also said it is pressuring other countries to halt activities related to the Iranian regime within specified deadlines.
Treasury Also Sanctions Network Linked to Cyberattacks
In addition to expanding sectoral sanctions, OFAC announced measures against nearly 60 individuals, companies and vessels linked to oil networks, nuclear and missile technology acquisition and cyber operations.
Among the targets is a group that, according to the US government, operates under the direction of Iran's Ministry of Intelligence and Security and carried out intrusions against US energy, defense, health, and technology companies, financial institutions, and government agencies.
The Treasury further states that members of this network also carried out thefts of digital assets. Arman Kahzadian, one of those sanctioned, allegedly obtained illegal control, in 2023, of a wallet that held more than US$ 30,000 in Bitcoin.
The inclusion of cryptocurrencies among the sectors subject to the determinations of Executive Order 13902 expands US pressure beyond institutions directly located in Iran. In practice, foreign providers that support activities targeted by US authorities now also face the risk of sanctions and restrictions on access to the US financial system.
