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Techub News reports that, according to CryptoBriefing, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced sanctions on May 11 against three individuals and nine companies, accusing them of assisting Iran in transporting oil to China through frontier companies in Hong Kong, the UAE, and Oman, and providing financial support to the Islamic Revolutionary Guard Corps (IRGC).
The department had just sanctioned ten entities last week for supplying weapons and drone parts to Iran.
Although this did not involve cryptocurrency companies, the Treasury Department pointed out that any agreements handling transactions with sanctioned entities face compliance risks, and the agency had previously sanctioned the decentralized protocol Tornado Cash in 2022.