The United States has imposed sanctions on Iran’s largest cryptocurrency exchange, Nobitex, in a move that significantly expands Washington’s efforts to disrupt Tehran’s access to international financial networks through digital assets.
The sanctions, announced by the U.S. Treasury Department, target Nobitex, its Chief Executive Amir Hossein Rad, and several individuals allegedly linked to the platform’s ownership structure. U.S. officials accuse the exchange of facilitating transactions connected to Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC), both of which are already subject to extensive American sanctions.
The latest action comes as the Trump administration intensifies its economic pressure campaign against Iran amid escalating regional tensions involving Iran, Israel, and the United States. According to Treasury officials, Tehran has increasingly relied on cryptocurrency platforms to move funds, evade sanctions, and maintain access to global markets despite years of financial restrictions.
Treasury Secretary Scott Bessent said Iran has adopted digital asset technologies to bypass economic sanctions and transfer wealth abroad while facing mounting domestic economic challenges.
“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,” Bessent said. He added that the administration would continue pursuing financial networks that support Iran’s activities, whether through traditional banking channels or digital assets.
Nobitex plays a central role in Iran’s cryptocurrency ecosystem, handling a substantial portion of the country’s digital asset transactions. A Reuters investigation published in May described the exchange as a key component of a parallel financial network that allegedly processed hundreds of millions of dollars for sanctioned Iranian entities.
In addition to Nobitex, U.S. authorities imposed sanctions on other Iranian crypto exchanges, including Bitpin, Ramzinex, and Wallex. Treasury officials warned that foreign financial institutions could face penalties for engaging in certain transactions with the sanctioned firms.
The measures highlight Washington’s growing focus on cryptocurrency infrastructure as part of its sanctions enforcement strategy. U.S. policymakers have increasingly expressed concerns that digital asset platforms are being used by sanctioned governments and organizations to move funds outside the traditional financial system.
Nobitex has denied having direct ties to the Iranian government and has previously stated that any illicit activity conducted through its platform occurred without the knowledge or approval of management. Following the sanctions announcement, the exchange said it had long anticipated the possibility of additional international restrictions and had taken steps to prepare for such measures.
The U.S. action follows a similar move by the United Kingdom just one week earlier. British authorities imposed sanctions on a major cryptocurrency exchange, a stablecoin issuer, and a network of Russia-linked payment firms as part of what officials described as one of the country’s toughest crackdowns on the use of digital assets to evade sanctions related to the war in Ukraine.
The measures announced by the U.K. Foreign, Commonwealth & Development Office targeted 18 individuals and entities allegedly involved in Russia’s “illicit financial infrastructure,” including payment processors, cryptocurrency exchanges, and stablecoin issuers accused of helping move funds beyond the reach of traditional banking oversight.
The latest actions by both Washington and London underscore an increasing international effort to tighten scrutiny of digital asset platforms and limit their use in circumventing global sanctions regimes.
