US Treasury Targets Four Crypto Exchanges in New Iran Sanctions Round

The sanctions were introduced four days after Scott Bessent stated that nearly $1 billion in cryptocurrency had been seized by US authorities from Iranian crypto exchanges and wallets since late February.

Four Iranian cryptocurrency exchanges, including the country’s largest platform, Nobitex, have been sanctioned by the US Treasury in the latest phase of its “Economic Fury” campaign, which is designed to further isolate Iran from the global financial system.

On Tuesday, the Treasury announced that crypto exchanges Wallex, Bitpin and Ramzinex had been added to the Office of Foreign Assets Control (OFAC) sanctions list, effectively barring US individuals and businesses from offering services to those platforms.

“While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country,”

said Treasury Secretary Scott Bessent.

The Treasury’s campaign to sever Iran from key financial channels remains a central part of its “Economic Fury” initiative, which began on April 14, several months after the Iran conflict was triggered by joint US-Israeli strikes carried out in February.

The United States has carried out multiple strikes against Iran while efforts continue to secure a ceasefire and settle tensions surrounding the Strait of Hormuz, a crucial maritime route through which roughly one-fifth of global oil shipments pass.

According to Scott Bessent, one of the Treasury’s key objectives is to bring Iran’s nuclear program to an end.

“As promised, Treasury will continue to follow the money in support of Economic Fury, whether it is through the banking system or through digital assets, to prevent the regime from developing a nuclear weapon.”

The new sanctions were announced four days after Scott Bessent disclosed that nearly $1 billion in cryptocurrency had been seized by the Treasury from Iranian crypto exchanges and wallets since the conflict with Iran began.

Nobitex Emerges as the Core of Iran’s Digital Dollar Network#

The Treasury stated that Nobitex, the largest crypto trading platform in Iran, has continued processing transactions linked to the Islamic Revolutionary Guard Corps and several other sanctioned organizations.

On Tuesday, Chainalysis reported that Nobitex sits at the core of Iran’s “digital dollar pipeline” and is responsible for processing roughly half of the nation’s cryptocurrency trading activity.

The Treasury alleged that Nobitex has played a role in the repression of Iranian citizens by helping facilitate surveillance activities connected to state authorities.

Seyed Ali Khoee, the chief executive of Nobitex, and its chairman, Amir Hossein Rad, were also placed on OFAC’s sanctions list.

The Treasury stated that funding routes worth “tens of billions of dollars” have been blocked, preventing those resources from reaching the Iranian regime and affiliated proxy groups.

The Treasury’s measures were implemented as part of the broader “Economic Fury” campaign, which was launched on April 14 and is focused on disrupting Iran’s shadow banking and financial channels, while also targeting networks that support oil exports and military-related operations linked to the country’s regime.