US Treasury Sanctions Nobitex and Major Iranian Crypto Exchanges in Expanded Crackdown

The U.S. Treasury Department has imposed sanctions on several major Iranian cryptocurrency exchanges, including Nobitex, Wallex, Bitpin, and Ramzinex, as part of its ongoing efforts to increase economic pressure on Iran. The action, announced by the Treasury’s Office of Foreign Assets Control (OFAC), adds the exchanges and certain executives to the Specially Designated Nationals (SDN) list, effectively prohibiting U.S. individuals, businesses, and entities connected to the U.S. financial system from conducting transactions with them.

The sanctions follow recent remarks by Treasury Secretary Scott Bessent, who revealed that the department had seized approximately $1 billion worth of cryptocurrency linked to Iranian exchanges and digital wallets since the start of the conflict involving Iran earlier this year.

According to the Treasury Department, the sanctioned exchanges played a role in helping the Iranian government bypass international sanctions and move funds through digital assets. Nobitex, Iran’s largest crypto trading platform, was specifically accused of facilitating transactions connected to the Islamic Revolutionary Guard Corps (IRGC), sanctions evasion activities, and payments tied to ransomware operations.

U.S. officials also alleged that Nobitex assisted in transferring assets out of Iran after American military operations against the country intensified. The Treasury described the sanctions as part of a broader strategy aimed at restricting Iran’s access to global financial networks and limiting its ability to use cryptocurrency for economic and geopolitical purposes.

In its announcement, the Treasury reiterated concerns about financial activities related to the Strait of Hormuz. Officials warned that companies and individuals could face sanctions risks if they comply with Iranian demands for transit-related payments, regardless of whether those payments are made through traditional currencies, cryptocurrencies, informal barter arrangements, offsets, or other forms of compensation.

The latest sanctions underscore the growing focus of U.S. regulators on cryptocurrency platforms allegedly involved in sanctions evasion, illicit finance, and transactions linked to state-backed activities. As Washington continues its maximum-pressure campaign, digital asset exchanges operating in sanctioned jurisdictions are expected to face increased scrutiny from global regulators and financial institutions.