Crypto▼ Bearish
US Treasury Makes Digital Assets a Sanctionable Iran Sector
OFAC listed 30 crypto addresses tied to Iran, part of a broader sanctions push that threatens dollar access for any firm dealing with Iranian digital asset businesses.
Continue with
The US Treasury designated digital assets a sanctionable sector of Iran's economy on Monday, part of a campaign Treasury Secretary Scott Bessent called Operation Economic Outcast. The move means any exchange, payment processor or custodian that handles a significant transaction for an Iranian digital asset business risks losing access to the dollar system, even if the Iranian counterparty was never individually listed.
OFAC issued five sectoral determinations under Executive Order 13902, covering digital assets, technology, gold, aviation and shipping. It also designated nearly 60 entities and individuals, along with vessels, tied to Iran's nuclear and missile procurement and cyber operations. The agency suspended several general licenses covering remittances and Iranian access to US cultural and academic programs, and issued fresh guidance on shipping risk in the Strait of Hormuz.
The named designations included an on-chain component. OFAC listed 30 addresses across Bitcoin, Ethereum and TRON belonging to four defendants charged in a Justice Department superseding indictment unsealed Aug. 18. TRM Labs found the addresses had received roughly $16.8 million since January 2018. Ten wallets controlled by defendant Keyvan Fayaz accounted for $15.5 million, or 92% of the volume. The combined residual balance is $202,662, about 1% of what moved through.