- OFAC sanctioned Nobitex, Iran’s largest cryptocurrency exchange, along with Wallex, Bitpin, and Ramzinex.
- Nobitex processed more than 50% of Iran’s digital asset inflows in 2025, according to the U.S. Treasury.
- The sanctions also target Nobitex chairman and co-founder Amir Hossein Rad and several other company leaders.
- U.S. officials allege the exchanges facilitated IRGC-linked transactions, sanctions evasion, and regime financial operations.
- The action forms part of the Trump administration’s ongoing Economic Fury campaign against Iran.
US Targets Iran’s Largest Crypto Exchange and Industry Leaders
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Nobitex, Iran’s largest digital asset exchange, alongside three other Iranian cryptocurrency platforms as part of the Trump administration’s Economic Fury campaign targeting the Iranian regime.
According to Treasury, Nobitex accounted for more than 50% of all Iranian digital asset inflows during 2025 and played a significant role in facilitating transactions tied to sanctions evasion, terrorist financing activities, and transactions associated with Iran’s Islamic Revolutionary Guard Corps (IRGC).
The sanctions package also includes Amir Hossein Rad, Nobitex’s chairman, co-founder, and former chief executive officer, along with several other company executives and officials. Treasury stated that Rad helped restore Nobitex’s operations following a reported $90 million hack in June 2025.
In addition to Nobitex, OFAC designated Wallex, Bitpin, and Ramzinex, which Treasury identified as major Iranian cryptocurrency exchanges that collectively handled a significant share of Iran’s digital asset activity during 2025.
“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,” Bessent said.
Secretary of the Treasury Scott Bessent said the Iranian regime had used digital asset technologies to support sanctions evasion and transfer wealth abroad.
Economic Fury Campaign Expands Pressure on Iran
The sanctions were imposed under Executive Order 13224, as amended, and Executive Order 13902, which targets entities operating in Iran’s financial sector. Treasury said the action supports the broader Economic Fury strategy outlined under National Security Presidential Memorandum 2 (NSPM-2), which seeks to increase economic pressure on Tehran.
Treasury stated that Nobitex helped the Central Bank of Iran access hundreds of millions of dollars in stablecoins and enabled regime insiders to reach international cryptocurrency markets despite existing sanctions restrictions. The department also alleged that Nobitex facilitated transactions involving wallets associated with IRGC-affiliated ransomware actors.
At the end of April, Bessent stated that U.S. authorities had seized nearly $500 million in Iranian crypto assets and said the administration was “sprinting” toward the objectives of Operation Economic Fury.
The latest measures follow a series of Economic Fury actions announced throughout 2026. Treasury previously reported freezing nearly $500 million in Iranian-linked cryptocurrency and has targeted shadow banking networks, weapons procurement channels, Iran-backed militias, and vessels involved in the country’s oil trade.
Crypto, Strait of Hormuz Developments, and Sanctions Enforcement
The sanctions arrive amid increased scrutiny of Iran’s reported use of alternative payment mechanisms and digital assets. Earlier this year, reports emerged that Iran planned to introduce transit fees for oil tankers moving through the Strait of Hormuz, with payments potentially accepted in Bitcoin, Chinese yuan, and other currencies. The proposed fees were estimated at approximately $1 per barrel, with some large vessels facing charges approaching $2 million per voyage.
In May, reports also indicated that Iranian authorities were considering an insurance-based framework for Strait of Hormuz transit. Some claims suggested Bitcoin payments could be accepted through a platform known as Hormuz Safe, although the reported website was unavailable at the time. Fars News Agency reportedly estimated the plan could generate more than $10 billion in annual revenue.
Treasury recently warned companies and shipping operators about sanctions risks associated with making payments demanded for passage through the Strait of Hormuz, including payments made via fiat currencies, digital assets, offsets, swaps, or other forms of compensation. On May 27, 2026, Treasury sanctioned Iran’s so-called Persian Gulf Strait Authority, which it described as an IRGC-linked extortion scheme targeting international shipping.
Under the new sanctions, all property and interests in property of the designated individuals and entities that fall within U.S. jurisdiction are blocked. U.S. persons are generally prohibited from conducting transactions involving the sanctioned parties unless specifically authorized by OFAC. Treasury also warned that foreign financial institutions and companies could face secondary sanctions if they facilitate certain activities involving designated Iranian entities.
Nobitex has long been regarded as a central component of Iran’s cryptocurrency ecosystem and had previously remained outside major Western sanctions despite years of scrutiny from blockchain analytics firms, regulators, and lawmakers. The latest OFAC action marks one of the most significant U.S. enforcement measures taken against Iran’s digital asset sector to date.
President Donald Trump rejected reports that communication between the United States and Iran had stopped, saying talks have continued in recent days. In a Truth Social post, Trump reiterated his call for Tehran to reach a deal, stating that the outcome of the discussions remains uncertain. Meanwhile, U.S. Central Command said American and allied forces intercepted multiple Iranian missiles and drones across the Middle East and conducted self-defense strikes on an Iranian military facility on Qeshm Island. No U.S. personnel were harmed, according to the military.
Source: U.S. Department of the Treasury
