US Treasury Sanctions Four Major Iranian Crypto Exchanges

As part of its 'Economic Fury' campaign aimed at cutting Iran off from the global financial system, the US Treasury has imposed sanctions on four major crypto exchanges in the country, including Nobitex, the largest platform. On Tuesday, the Treasury added Wallex, Bitpin, and Ramzinex exchanges to the Office of Foreign Assets Control (OFAC) sanctions list. This measure prohibits US companies and individuals from providing services to these platforms. Cointelegraph.com reports .

Treasury Secretary Scott Bessent stated that as Iran's economy faces crisis, the regime is using digital asset technologies for corrupt purposes, such as evading sanctions and moving funds out of the country. These measures are part of a broad economic pressure campaign launched in April of this year.

The US government considers halting Iran's nuclear program one of its top priorities. In a recent statement, Scott Bessent revealed that nearly 1 billion USD in crypto assets have been seized from Iranian crypto exchanges and wallets since the conflict began. The Nobitex exchange is reportedly continuing to facilitate payments for the Islamic Revolutionary Guard Corps and other sanctioned entities.

According to data from the Chainalysis blockchain analytics platform, Nobitex sits at the center of Iran's 'digital dollar pipeline,' controlling nearly 50% of the country's crypto trading volume. The Treasury also accused the exchange of participating in state-sponsored surveillance of citizens. Nobitex CEO Seyed Ali Khoee and Chairman Amir Hossein Rad have also been added to the sanctions list.