Treasury Now Sanctions Anyone in Iran's Crypto Sector

The action follows two earlier moves against Iranian crypto activity. OFAC sanctioned exchange Nobitex over terrorist financing, and this month designated firms accepting Bitcoin in exchange for safe passage through the Strait of Hormuz.

Tehran dismissed the campaign before it landed. Foreign Minister Abbas Araghchi called Washington "desperate" and said its measures amounted to "the same movie they keep playing over and over again," adding that previous blockades and military moves had failed. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, said any country that takes part in sanctions against Iran "will be regarded as an enemy." The rial fell to a record open-market low of 2.02 million to the dollar on Monday.

On Myriad, a prediction market owned by Decrypt's parent company Dastan, traders put the chance of Washington announcing an end to the naval blockade it reimposed on Iranian shipping in July at 6% by August 31, rising to 43% by the end of September and 76% by the end of the year.

For non-U.S. crypto firms, the sectoral determination creates a compliance minefield. Iran has a domestic crypto mining industry, a peer-to-peer exchange ecosystem, and a population that uses digital assets to bypass capital controls. Any service that touches Iranian users – even a decentralized protocol that does not block IP addresses – could be deemed to operate in the sector. Treasury's language is broad enough to cover developers, liquidity providers, and blockchain validators if they are deemed to be providing services to Iranian users.

The two individuals designated Monday show the range of activity Treasury targets. Obukhov represents the high-value end: large-scale oil payments flowing through crypto. Kahzadian represents the cybercrime angle: wallet theft and hacking. Both are now sanctioned, meaning any U.S. person or entity that transacts with them is exposed.

A relaxation of the sanctions would require a change in U.S. policy, which appears unlikely under the current administration. Bessent's language – "Economic D-Day" – suggests a maximalist posture. The prediction market odds on the naval blockade ending are low near term rise over the year, implying some expectation of easing. If the blockade ends, the broader sanctions campaign might soften, the crypto sectoral determination is a separate tool that could remain in place.

For now, the risk is one-sided. Any crypto firm with Iranian exposure – whether through customer base, mining operations, or payment flows – should expect heightened scrutiny. The 60 entities named Monday are just the first wave; the sectoral determination allows OFAC to add more at any time without further notice.