The US Treasury’s Office of Foreign Assets Control (OFAC) has formally designated Iran’s digital asset sector as sanctionable under Executive Order 13902. According to Chainalysis, Iran’s crypto ecosystem reached $7.8 billion last year, with wallets tied to the Islamic Revolutionary Guard Corps (IRGC) accounting for over half of on-chain activity in the fourth quarter. Since April, Operation Economic Fury has frozen or sanctioned roughly $1 billion in Iran-linked crypto assets, while Tether blocked $344 million in USDT in April and an additional $131 million in July. In June, OFAC sanctioned the exchanges Nobitex, Wallex, Bitpin, and Ramzinex, along with a Ukrainian broker who processed over $100 million in oil payments for the IRGC’s Quds Force.
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