The US Treasury announced a fresh wave of sanctions targeting four Iranian cryptocurrency exchanges, including Nobitex, the country’s largest digital asset platform. The Treasury’s Office of Foreign Assets Control (OFAC) labeled these entities as key facilitators in Iran’s efforts to circumvent international economic restrictions by leveraging digital currencies.
According to the Treasury, Nobitex processed over half of Iran’s cryptocurrency inflows, enabling transactions tied to Iran’s Central Bank, the Islamic Revolutionary Guard Corps (IRGC), and activities connected to terrorism financing. Officials contend that Nobitex supported the Iranian regime by channeling stablecoins, which helped stabilize the collapsing Iranian rial and bypass conventional financial barriers.
The sanctions represent part of a broader initiative known internally as “Economic Fury,” originally rooted in strategies from the previous US administration aimed at intensifying pressure on the Iranian government. Treasury Secretary Scott Bessent emphasized that despite Iran’s economy deteriorating rapidly, the regime continues to exploit digital asset networks to sustain its operations and evade sanctions.
Bessent highlighted the Treasury’s commitment to pursuing illicit financial flows beyond traditional banking by intensifying scrutiny of cryptocurrencies and digital payments. This approach aligns with efforts to prevent Iran from using complex financial tools to fund programs like its nuclear development.
In parallel to actions against Iranian exchanges, US lawmakers have increasingly focused attention on international exchanges like Binance. A Senate inquiry flagged Binance over allegations it facilitated billions of dollars in transactions linked to Iran, potentially violating US and global sanctions, though Binance has denied wrongdoing following an internal review.