The U.S. Treasury Department’s Office of Foreign Assets Control, or OFAC, said on Aug. 24 that it had suspended five general licenses indefinitely, ending authorization for non-commercial exchanges between the United States and Iran in sports, academic, and educational settings. The move covers the F license tied to sports exchanges and the G license governing academic and educational services. Three additional regulatory provisions related to non-commercial personal remittances and conference services were also halted. At the same time, OFAC issued a BB transition license that allows affected parties to wind down existing activities through Sept. 8. Any related transactions that continue after that date would be treated as sanctions violations. The update follows an earlier OFAC action on Aug. 7, when the agency sanctioned a digital asset exchange linked to Iran’s Islamic Revolutionary Guard Corps. The item was reported by CryptoBriefing and summarized by Techub News.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) said on Aug. 24 that it had suspended five general licenses indefinitely, ending authorization for non-commercial exchanges between the United States and Iran in sports, academic, and educational fields.
The suspended measures include the F license covering sports exchanges and the G license governing academic and educational services. Three other regulatory provisions tied to non-commercial personal remittances and conference services were also paused.
OFAC also issued a BB transition license, allowing affected parties to wind down existing activities by Sept. 8. Continuing such transactions after that date would constitute a sanctions violation.
Earlier, on Aug. 7, OFAC sanctioned a digital asset exchange linked to Iran’s Islamic Revolutionary Guard Corps.
The development was reported by CryptoBriefing and summarized by Techub News.
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