The U.S. Treasury Department has blacklisted several Iranian cryptocurrency exchanges, including the country's largest platform, Nobitex. The Office of Foreign Asset Control added Nobitex, Wallex, Bitpin, and Ramzinex, along with some of their executives, to the Specially Designated Nationals list. This action prohibits any U.S. entities or businesses using the U.S. dollar financial system from providing services to these platforms.
The move comes just days after Treasury Secretary Scott Bessent announced the seizure of approximately $1 billion in cryptocurrency from Iranian exchanges since the start of the U.S. military campaign against Iran. Bessent stated that while Iran's economy is in free fall, the regime has co-opted digital asset technologies for sanction evasion and wealth transfer. He called the sanctions proof that President Trump's maximum pressure campaign is succeeding.
The Treasury linked Nobitex to terrorist activities, sanction evasion efforts, and transactions involving the Islamic Revolutionary Guard Corps, including ransomware payments. The exchange also allegedly helped move assets out of Iran following the start of U.S. airstrikes earlier this year.