The United States has escalated its economic pressure on Iran by imposing sanctions on the country's largest cryptocurrency exchange, Nobitex, and several of its senior executives. The US Treasury Department announced the sanctions on Tuesday, accusing the platform of aiding the Iranian government and sanctioned entities in evading Western restrictions. This move, dubbed 'Economic Fury,' is part of the Trump administration's broader strategy to increase economic pressure on Tehran amid ongoing tensions involving the US, Iran, and Israel.
Details of the Sanctions
According to the US Treasury Department, Nobitex processed more than half of Iran's digital asset income in the past year and played a pivotal role in the country's sanctions evasion network. Treasury officials alleged that the exchange helped move assets and funds out of Iran following the start of US combat operations, enabling the regime to protect its wealth despite internet blackouts.
Among those sanctioned are Nobitex chairman and co-founder Amir Hossein Rad, the exchange's chief executive officer, and brothers Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali.
Iranian Entities Under Sanctions
Several Iranian crypto exchanges and executives have been targeted by US sanctions:
- Nobitex: Iran's largest digital asset exchange, handling over 50% of the country's crypto inflows in 2025. The US alleges it facilitated transactions linked to the Islamic Revolutionary Guard Corps (IRGC), helped sanctions evasion, and enabled regime insiders to access international crypto markets.
- Amir Hossein Rad: Nobitex chairman, co-founder, and former CEO. The US says he helped restore the exchange's operations after a major hack in June 2025 and sanctioned him for his leadership role.
- Seyed Mohammad Ali Aghamir Mohammad Ali: Nobitex co-founder and member of the influential Kharrazi family, sanctioned for allegedly supporting the exchange.
- Seyed Mohammad Aghamir Mohammad Ali: Nobitex co-founder and blockchain lead, sanctioned over his senior role.
- Seyed Ali Khoee: Current CEO of Nobitex and former product and marketing director, sanctioned as a senior official.
- Wallex: Iran's second-largest crypto exchange, accounting for about 12% of the country's digital asset inflows in 2025, accused of facilitating IRGC-linked transactions.
- Bitpin: An Iranian crypto exchange that received around 10% of Iran's crypto inflows in 2025, accused of processing IRGC-linked transactions and connections to sanctions-evasion efforts.
- Ramzinex: Tehran-based crypto exchange founded in 2018, which has processed over $2.45 billion in transactions. The US accuses it of handling transactions linked to the IRGC and a government-backed financial institution, as well as facilitating sanctions evasion.
Reasons Behind the Sanctions
The sanctions follow an investigation that identified Nobitex as a key hub in a parallel financial system used to process hundreds of millions of dollars for Iran's central bank and the IRGC. The report also found that the exchange continued operating during a government-imposed internet shutdown, processing millions of dollars in transactions.
Treasury Secretary Scott Bessent stated, '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.'
The Treasury Department said Nobitex provided 'significant support' to the Iranian government and facilitated a 'significant number' of digital transactions linked to both the IRGC and Iran's central bank. 'Following the commencement of US combat operations in Iran, Nobitex played a role in protecting and moving assets and funds out of Iran to shield regime wealth despite internet blackouts,' the department added.
US officials have repeatedly argued that Iran relies heavily on cryptocurrency and other digital assets to circumvent sanctions. Speaking earlier this month at the Reagan National Economic Forum, Bessent noted, 'We have seized about a billion dollars of their crypto.'
The latest sanctions are part of a wider economic pressure campaign against Iran. The administration has also imposed secondary sanctions on countries conducting business with individuals, companies, and vessels under Iranian control, including both allies and rivals. Banks have also been warned about handling Iranian funds.
Meanwhile, Tehran has halted communications with mediators regarding a possible extension of a ceasefire in the conflict with the US and Israel. US President Donald Trump, however, disputed the report and said discussions were continuing.
