The U.S. Treasury Department has placed several Iranian cryptocurrency exchanges, including the largest one, Nobitex, under sanctions as part of its continuing efforts against the Iranian government.
On Tuesday, the Office of Foreign Assets Control (OFAC) announced the addition of Nobitex, Wallex, Bitpin, and Ramzinex, along with certain executives from these platforms, to its Specially Designated Nationals list. This action prohibits any U.S. individuals or entities from engaging in financial transactions with these exchanges.
This sanction announcement follows Treasury Secretary Scott Bessent's recent statement regarding the seizure of approximately $1 billion in cryptocurrency linked to Iranian exchanges and wallets since the conflict began.
Bessent remarked, "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. Iran’s current economic chaos is proof that President Trump’s maximum pressure campaign has been a success."
The sanctions were tied to allegations that Nobitex is involved in "Iran's terrorist activities, sanctions evasion efforts, and transactions linked to the Islamic Revolutionary Guard Corps (IRGC)," which reportedly included payments for ransomware.
Additionally, the release indicated that Nobitex facilitated the movement of assets out of Iran following the onset of U.S. bombings earlier this year.
The Treasury Department emphasized that these sanctions are part of a broader strategy aimed at Iran.
Furthermore, the Treasury has cautioned about the sanctions risks related to complying with Iranian demands for passage through the Strait of Hormuz, which could involve various forms of payments, including fiat, digital assets, or in-kind contributions.
Read more: U.S. says it seized about $1 billion in Iranian crypto as pressure campaign expands