Treasury Targets Iran Crypto Sector and $100M Oil Payment Network

OFAC Opens Iran’s Digital Asset Sector to Sanctions

Foreign crypto businesses now face broader sanctions exposure when dealing with Iran-linked counterparties following the Treasury Department’s latest economic campaign. The Treasury launched Operation Economic Outcast on Aug. 24, targeting nearly 60 entities, individuals, and vessels connected to Iranian nuclear, missile, cyber, and oil networks.

Blockchain analytics firm Chainalysis wrote:

“One of the most sweeping components of the package is a first-of-its-kind sectoral determination that allows OFAC to sanction anyone globally that operates in or supports Iran’s digital assets sector.”

“OFAC additionally targeted individuals supporting Iran through crypto-enabled trade payments and theft,” Chainalysis added.

The Office of Foreign Assets Control (OFAC) expanded its authority under Executive Order 13902 to cover five Iranian economic sectors. The determination includes Iran’s digital asset sector alongside aviation, gold, shipping, and technology, allowing OFAC to sanction people found to operate in those sectors.

The designation extends an enforcement campaign that previously focused on specific exchanges and transactions tied to sanctioned Iranian parties. OFAC sanctioned four major Iranian crypto exchanges in June, including Nobitex, which handled more than half of Iran’s digital asset inflows during 2025, according to the Treasury.