The United States has widened its financial pressure campaign against Iran by imposing sanctions on four cryptocurrency exchanges, including the country’s largest digital asset trading platform, Nobitex.
The move forms part of Washington’s broader “Economic Fury” initiative, which seeks to further isolate Iran from global financial networks.
Announced by the US Treasury Department on Tuesday, the sanctions also target Iranian crypto platforms Wallex, Bitpin and Ramzinex.
Their inclusion on the Office of Foreign Assets Control (OFAC) sanctions list effectively bars American individuals and businesses from conducting transactions or providing services to the exchanges.
Treasury Accuses Iran of Using Digital Assets to Evade Restrictions
US officials argue that Tehran has increasingly turned to cryptocurrency technologies to bypass economic restrictions and move funds beyond the reach of international sanctions.
Treasury Secretary Scott Bessent said Iranian authorities have embraced digital assets despite mounting economic difficulties within the country.
According to Bessent, the government has leveraged cryptocurrency infrastructure to sidestep sanctions and transfer wealth abroad.
He emphasized that Washington intends to continue targeting financial channels linked to the Iranian state, whether they operate through traditional banking systems or digital asset networks.
“Economic Fury” Campaign Intensifies During Ongoing Conflict
The latest sanctions are part of the Treasury Department’s Economic Fury strategy, launched on April 14 amid the continuing conflict involving Iran.
The campaign began months after military operations involving the United States and Israel against Iranian targets earlier in the year.
US-Iran tensions have remained elevated as diplomatic efforts to secure a ceasefire have repeatedly stalled.
Disputes surrounding the strategically important Strait of Hormuz—a key route for global oil shipments—have also contributed to the ongoing standoff.
Treasury officials have stated that preventing Iran from advancing its nuclear program remains one of the central objectives of the sanctions effort.
Nearly $1 Billion in Crypto Seized Since Start of Conflict
The announcement follows recent remarks from Bessent indicating that the Treasury Department has seized close to $1 billion in cryptocurrency linked to Iranian exchanges and digital wallets since the conflict began.
US authorities have increasingly focused on tracing and disrupting crypto-based financial activity, viewing digital assets as an important mechanism used to circumvent international restrictions.
Nobitex Identified as Core Hub of Iran’s Crypto Market
Treasury officials singled out Nobitex as a major target, alleging that the exchange has continued facilitating transactions connected to the Islamic Revolutionary Guard Corps and other sanctioned organizations.
Blockchain analytics firm Chainalysis described Nobitex as a central component of Iran’s cryptocurrency ecosystem.
The firm estimates that the platform accounts for roughly half of all crypto trading activity within the country, making it a key gateway for access to digital dollar-denominated assets.
Because of its dominant role, investigators have characterized the exchange as a critical channel through which Iranian users and institutions interact with global cryptocurrency markets.
Exchange Executives Also Added to Sanctions List
In addition to sanctioning the exchange itself, the Treasury Department imposed restrictions on Nobitex Chief Executive Officer Seyed Ali Khoee and Chairman Amir Hossein Rad.
US authorities further alleged that Nobitex has aided government-linked monitoring activities directed at Iranian citizens, claims that formed part of the justification for the latest penalties.
Broader Effort Targets Iran’s Financial Networks
The sanctions against the crypto exchanges represent only one aspect of Washington’s broader campaign against Iranian financing channels.
According to the Treasury Department, previous actions have disrupted access to tens of billions of dollars that could otherwise have been used by the Iranian government and affiliated groups.
Those measures have included targeting alleged shadow banking operations, foreign companies involved in Iran’s oil sector, and individuals accused of supporting the country’s military activities.
With the newest sanctions, US officials signaled that cryptocurrency platforms will remain a major focus as Washington continues its effort to restrict Iran’s access to international financial systems.
