TLDR
- The U.S. Treasury blacklisted four Iranian crypto exchanges: Nobitex, Wallex, Bitpin, and Ramzinex
- Nobitex is Iran’s largest crypto exchange, handling roughly 50% of the country’s crypto trading volume
- The sanctions are part of the Treasury’s “Economic Fury” campaign to cut Iran off from global finance
- Treasury Secretary Scott Bessent said the U.S. has seized nearly $1 billion in crypto from Iranian exchanges since February
- Nobitex’s CEO and chairman were personally added to the OFAC sanctions list
The U.S. Treasury Department has sanctioned four Iranian cryptocurrency exchanges as part of its ongoing financial pressure campaign against Iran. The move targets Nobitex, Iran’s largest crypto platform, along with Wallex, Bitpin, and Ramzinex.
US sanctions Iran's largest crypto exchange Nobitex for terror finance. pic.twitter.com/fGYPOUCdAN
— Ted (@TedPillows) June 2, 2026
The sanctions were announced Tuesday by the Treasury’s Office of Foreign Assets Control, known as OFAC. U.S. businesses and individuals are now barred from providing any financial services to these platforms.
The action is part of a broader effort called “Economic Fury,” launched on April 14. The campaign is designed to cut Iran off from both traditional and digital financial systems.
Treasury Secretary Scott Bessent said the U.S. has seized nearly $1 billion in crypto from Iranian exchanges and wallets since the Iran war began in February. That announcement came just four days before Tuesday’s sanctions.
“While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda,” Bessent said in a statement.
Nobitex at the Center of Iran’s Crypto Network
Blockchain analytics firm Chainalysis said Nobitex sits at the heart of what it calls Iran’s “digital dollar pipeline.” The exchange handles around 50% of all crypto trading volume in the country.
The Treasury linked Nobitex to payments involving the Islamic Revolutionary Guard Corps and other sanctioned entities. It also accused the exchange of facilitating ransomware payments and helping move assets out of Iran after U.S. bombing began.
The Treasury also claimed Nobitex helped the Iranian state surveil its own citizens by processing state-linked transactions.
Nobitex’s CEO, Seyed Ali Khoee, and chairman Amir Hossein Rad were added to the OFAC sanctions list personally. This means they face direct restrictions under U.S. law.
Broader Campaign Against Iran’s Financial Networks
The Treasury said it has cut off “tens of billions of dollars” in funding channels that would otherwise be accessible to the Iranian regime and its proxies.
That includes action against shadow banking networks and foreign companies supporting Iran’s oil trade and military operations.
The U.S. has also warned about the sanctions risk tied to paying Iran “tolls” for passage through the Strait of Hormuz. Those warnings cover payments made in any form, including crypto and in-kind donations.
The Strait of Hormuz is a critical shipping lane that carries around one-fifth of the world’s oil supply.
Bessent said ending Iran’s nuclear program is a top Treasury priority. “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,” he said.
The U.S. and Israel launched joint strikes on Iran in February, which triggered the current conflict and the start of the financial campaign that followed.
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