According to CoinMeta, on August 24th, the U.S. Treasury Department expanded its sanctions against Iran's digital asset industry, granting the Foreign Assets Control Office broader authority to target foreign companies and individuals that support Iran's crypto industry. These measures were accompanied by sanctions against nearly 60 entities, individuals, and vessels related to Iran's nuclear, missile, cyber, and oil networks. The Treasury Department also accused Ivan Obukhov, a broker based in the United Arab Emirates (Ivan Obukhov), of handling over $100 million in cryptocurrencies for oil sales associated with Iran's Islamic Revolutionary Guard Corps (Quds Force). The new OFAC decision includes digital assets among five additional industries covered by Executive Order 13902; other industries include technology, gold, aviation, and shipping. OFAC Now, anyone identified as operating in Iran's digital asset industry can be sanctioned, regardless of their location. The Treasury Department stated that cryptocurrencies are becoming an increasingly common tool for transferring funds outside of traditional banking channels. It claims that the Iranian regime is increasingly using cryptocurrencies as a preferred method to circumvent sanctions.