U.S. sanctions on Iranian individuals and companies suspected of illegal oil sales through cryptocurrencies

According to ChainCatcher, the U.S. Treasury Office of Foreign Assets Control (OFAC) announced sanctions on two Iranians and several companies located in Hong Kong and the UAE. The individuals and companies are accused of transferring more than $100 million in illegal oil sales funds through cryptocurrencies since 2023, which flows to Iran’s Islamic Revolutionary Guards Corps-Quest City Brigade (IRGC-QF) and the Ministry of Defense’s Armed Forces Logistics Department (MODAFL). The sanctions are part of the U.S. fight against Iran's "shadow banking" system, which launders money through shell companies and cryptocurrency exchanges. Israel has also previously imposed sanctions on 187 crypto wallets related to the IRGC.