The United States sanctions Iranian individuals and companies suspected of conducting illegal oil sales through cryptocurrency

ChainCatcher news, according to Decrypt, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced sanctions against two Iranian individuals and several companies based in Hong Kong and the UAE.

These individuals and companies are accused of transferring over $100 million in illegal oil sale proceeds through cryptocurrency since 2023, with funds flowing to the Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF) and the Ministry of Defense Armed Forces Logistics (MODAFL).

These sanctions are part of the U.S. efforts to combat Iran's "shadow banking" system, which launders money through shell companies and cryptocurrency exchanges. Israel has also previously sanctioned 187 cryptocurrency wallets associated with the IRGC.