US Treasury sanctions four Iranian crypto exchanges including Nobitex
In brief
- US Treasury sanctioned Nobitex, Wallex, Bitpin, and Ramzinex as part of Economic Fury campaign.
- Treasury seized nearly $1 billion in crypto from Iranian exchanges and wallets since late February.
- Nobitex CEO and chairman added to OFAC sanction list.
- Nobitex handles approximately 50% of Iran's crypto trading volume per Chainalysis.
Treasury targets Iran's crypto infrastructure
The sanctioned exchanges include Nobitex, Wallex, Bitpin, and Ramzinex. Nobitex, which the Treasury identified as Iran's largest crypto exchange, has facilitated payments for the Islamic Revolutionary Guard Corps and other sanctioned entities. Blockchain forensics platform Chainalysis reported that Nobitex handles about 50% of Iran's crypto trading volume, positioning it at the center of what the Treasury calls Iran's "digital dollar pipeline."
The Treasury added Nobitex's CEO Seyed Ali Khoee and chairman Amir Hossein Rad to OFAC's sanction list. Beyond financial sanctions, the Treasury claimed that Nobitex has contributed to the repression of the Iranian people by facilitating state-linked surveillance of civilians.
"Economic Fury" campaign expands
The Treasury's "Economic Fury" campaign commenced on April 14 and focuses on dismantling Iran's financial networks. According to the Treasury, it has already cut off "tens of billions of dollars" worth of funding channels from the Iranian regime and its proxies.
Treasury Secretary Scott Bessent stated that ending Iran's nuclear programme is one of the top priorities for Treasury. The timing of the sanctions—announced four days after Bessent's disclosure of the $1 billion seizure—signals an acceleration of the administration's financial pressure campaign against Tehran's digital asset infrastructure.
