The U.S Treasury's Office of Foreign Assets Control (OFAC) has expanded its 'Economic Fury' sanctions program to include Iran's local crypto exchange Nobitex, along with three other major Iranian crypto platforms. According to the latest Treasury statement, Nobitex processed more than 50% of all Iranian digital asset inflows in 2025 and facilitated payments tied to Iran's terrorist activities, sanctions evasion efforts, and transactions linked to the Islamic Revolutionary Guard Corps (IRGC). The platform also helped the Central Bank of Iran access hundreds of millions of dollars in stablecoins to prop up the plummeting value of the Iranian rial, while enabling regime insiders to reach international digital asset exchanges and evade sanctions across multiple jurisdictions. Following the start of U.S combat operations in Iran, Treasury said Nobitex played a role in protecting and moving assets out of the country to shield regime wealth, even during internet blackouts. As per Cointelegraph, the Treasury has identified Nobitex as Iran's central exchange and described it as a key node in Iran's use of digital assets for sanction evasion.
As reported by the latest Treasury statement, Nobitex facilitated 50% of all Iranian crypto inflows in 2025 and was used to help the Central Bank of Iran access hundreds of millions of dollars in stablecoins. The U.S Treasury alleged that the Central Bank of Iran used Nobitex to prop up the falling Iranian rial, the local currency. Market research indicates that trading activity on Nobitex alone reached billions of dollars between 2025 and early 2026, demonstrating the rapid growth of Iran's crypto sector. These platforms helped Iran evade previous sanctions, demonstrating their role in circumventing international financial restrictions. The sanctions target Chairman Amir Hossein Rad, Founder Seyed Mohammad, and CEO Sayed Ali Khoee for their roles in facilitating Iranian crypto transactions, with OFAC also designating numerous other company leaders and officials under counterterrorism authority Executive Order 13224 and Executive Order 13902. According to Treasury findings, Rad helped restore Nobitex's operations after the platform suffered a $90 million hack in June 2025. Chainalysis data cited by Cointelegraph describes Nobitex as the hub of Iran's "digital dollar pipeline," handling a large share of the nation's on-chain activity—roughly half of the country's trading volume in certain assessments.
The Treasury's sanctions expansion extends beyond Nobitex to include Wallex (Iran's second-largest exchange by volume with 12% of inflows), Bitpin (10% of inflows), and Ramzinex (over $2.45 billion in transactions). As per Treasury officials, these exchanges helped users bypass sanctions, facilitated financial activity connected to Iran, and processed transactions linked to the Islamic Revolutionary Guard Corps (IRGC). Ramzinex allegedly facilitated transactions linked to the IRGC and an Iranian government-backed financial institution, while some of Bitpin's investors have reportedly been linked to efforts to evade US sanctions. Treasury Secretary Scott Bessent stated that Iran has increasingly used digital asset technologies to advance its "corrupt agenda," including circumventing sanctions and transferring wealth outside the country, with the agency continuing to track financial activity through both traditional banking channels and digital assets. The sanctions are positioned within the administration's Economic Fury campaign, which began on April 14, during a period of heightened tension following attacks in the region that affected maritime routes and regional stability.
Alongside the crypto exchange sanctions, the Treasury Department issued a warning to international shipping and logistics companies regarding activities connected to the Strait of Hormuz. Officials cautioned that businesses could face legal and financial risks if they engage in transactions that benefit sanctioned Iranian entities. The warning covers a wide range of payment methods, including traditional currency transfers, cryptocurrency payments, barter arrangements and other informal financial mechanisms. US authorities also warned that sharing sensitive vessel information with sanctioned parties could expose companies to enforcement actions. The latest sanctions expansion represents a significant escalation in the U.S. government's approach to crypto compliance, with OFAC designating these platforms to prohibit U.S. persons and entities from providing services to them. Treasury Secretary Scott Bessent emphasized that the move reflects a broader effort "to cut off financial networks from Iran" and counter the regime's use of digital assets for sanctions evasion and wealth transfers. The enforcement push targets both traditional banking channels and the digital asset ecosystem as part of a comprehensive effort to disrupt Tehran's access to capital.
