The U.S. Department of the Treasury has announced sanctions against two Iranian nationals accused of moving more than $100 million through cryptocurrency channels. According to officials, the funds included oil revenues that ultimately supported Iran’s Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF).
Two Individuals Designated
The Office of Foreign Assets Control (OFAC) identified Alireza Derakhshan and Arash Estaki Alivand as central figures in the scheme. Authorities say the pair relied on shell companies spread across several countries to funnel digital assets tied to Iranian oil sales.
The proceeds, investigators claim, were directed toward Iran’s defense and military logistics arms, helping finance regional proxy groups and the development of advanced weapons, including missile programs.
Shadow Banking in Focus
U.S. officials stressed that the action highlights how illicit financial networks rely on cryptocurrencies and offshore money-laundering methods to bypass sanctions. John K. Hurley, Under Secretary for Terrorism and Financial Intelligence, emphasized that Washington will continue to block financial flows fueling Iran’s destabilizing activities in the Middle East.
Wider Network Impacted
Beyond the two Iranian facilitators, OFAC also blacklisted multiple entities and individuals based in Hong Kong and the United Arab Emirates for their roles in the network. Those designated now risk civil and criminal penalties if they attempt to operate within U.S. jurisdictions.
The Treasury says this step is part of a broader effort to dismantle Iran’s shadow banking operations and cut off funding streams for its military and affiliated groups.
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