U.S. Widens Iran Sanctions Net to Target Crypto Brokers

The August 24 directive brings digital assets under Executive Order 13902, placing them alongside gold, technology, aviation, and shipping as high-risk sectors for sanctions evasion. While the order does not automatically blacklist every firm serving Iranian users, it creates a legal framework for the Office of Foreign Assets Control (OFAC) to target brokers and processors regardless of their global location. Officials characterized cryptocurrency as an increasingly favored channel for the regime to move funds outside the reach of traditional financial oversight.

Central to this enforcement, the Treasury accused UAE-based broker Ivan Obukhov of orchestrating over $100 million in crypto payments since 2023 to facilitate oil sales for the Islamic Revolutionary Guard Corps-Quds Force. The Treasury claims Obukhov utilized his firm, Foscom FZE, to move these assets, though specific on-chain transaction data remains undisclosed. This action coincides with broader measures against nearly 60 entities, vessels, and individuals involved in Iran’s missile, nuclear, and cyber programs. Foreign financial institutions that knowingly process significant transactions for these designated parties now risk losing access to U.S. correspondent accounts, a move intended to pressure international partners into stricter compliance.