REGULATION | U.S. Targets Iran’s Largest Crypto Exchange in Escalation of Financial Pressure Campaign

The U.S. Treasury Department sanctioned Iran’s largest cryptocurrency exchange, Nobitex, accusing the platform of helping Tehran evade Western sanctions and move funds tied to state institutions, marking one of Washington’s most significant actions yet against Iran’s digital-asset sector.

The sanctions also target Nobitex Chief Executive Amir Hossein Rad and several individuals alleged to be connected to the exchange’s ownership structure. Treasury officials said Nobitex facilitated transactions linked to Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC), both of which are subject to extensive U.S. sanctions.

The move comes as the Trump administration intensifies economic pressure on Tehran amid the ongoing conflict involving Iran, Israel and the United States. Treasury Secretary, Scott Bessent, said Iran has increasingly turned to digital assets to shield wealth, bypass financial restrictions, and maintain access to international markets despite years of sanctions.

“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.  Iran’s current economic chaos is proof that President Trump’s maximum pressure campaign has been a success,” said Secretary of the Treasury Scott Bessent.

“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.” 

Nobitex occupies a dominant position in Iran’s crypto ecosystem, processing a substantial share of the country’s digital-asset transactions. A Reuters investigation published in May described the exchange as a key hub in a parallel financial network that allegedly handled hundreds of millions of dollars for sanctioned Iranian entities.

The Treasury action extends beyond Nobitex. U.S. authorities also sanctioned Iranian exchanges Bitpin, Ramzinex and Wallex, warning that foreign financial institutions could face penalties for conducting certain transactions with the designated firms.

The sanctions underscore Washington’s growing focus on cryptocurrency infrastructure as a tool of sanctions enforcement. U.S. officials have increasingly argued that digital-asset platforms are being used by sanctioned states and organizations to move money outside the traditional banking system.

Nobitex has denied direct ties to the Iranian government and previously said any illicit activity conducted through the platform occurred without management approval or knowledge. In a statement to customers after the sanctions were announced, the exchange said it had long prepared for the possibility of additional international restrictions on its operations.

The latest U.S sanctions come just one week after the United Kingdom (U.K) imposed sactions on a leading crypto exchange, a stablecoin issuer, and a network of Russia-linked payment firms in what officials described as one of the country’s toughest crackdowns yet on the use of digital assets to evade sanctions tied to the war in Ukraine.

The measures, announced by the U.K. Foreign, Commonwealth & Development Office, targeted 18 entities and individuals allegedly connected to Russia’s ‘illicit financial infrastructure,’ including payment processors, crypto exchanges, and stablecoin issuers accused of helping move funds outside the traditional banking system.

Among the sanctioned firms were

• Huobi Global S.A., operator of HTX, along with
• Rapira Group,
• Aifory,
• Open Joint Stock Company
• Arvix, and
• peer-to-peer crypto platform, Bitpapa.

The latest move expands a growing Western effort to target crypto-based sanctions evasion networks. In early 2026, the U.S. Treasury imposed sanctions on two exchanges accused of facilitating transactions tied to Iran’s financial sector marking Washington’s first use of Iran-specific sanctions authorities against crypto trading platforms.

Stay tuned to BitKE on crypto developments in the Middle East.

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