U.S. sanctions Iranian crypto exchanges in ongoing war against the country

OFAC said it was blacklisting Nobitex and three other Iranian exchanges, as well as a few executives, citing links to terror and other crimes.

The U.S. Treasury Department blacklisted several Iranian crypto exchanges, including its largest platform Nobitex, on Tuesday as part of its ongoing campaign against the Iranian government.

The Treasury's Office of Foreign Asset Control announced that Nobitex, Wallex, Bitpin and Ramzinex, as well as some of these exchanges' executives, were being added to its global Specially Designated Nationals list, barring any U.S. entities or businesses and people who use the U.S. dollar financial system from providing any financial services with the platforms.

The announcement came just days after Treasury Secretary Scott Bessent announced that his department had seized around $1 billion in crypto from Iranian exchanges and wallets since the beginning of the war against Iran.

"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," Bessent said in a statement on Tuesday.

The announcement linked Tuesday's action to Nobitex's alleged association with "Iran's terrorist activities, sanctions evasion efforts and Islamic Revolutionary Guard Corps (IRGC)-linked transactions," which included ransomware payments.

Nobitex also helped move assets out of Iran after the U.S. began bombing it earlier this year, the press release said.

The Treasury Department said the sanctions actions were part of its broader campaign against Iran.

"Additionally, Treasury recently warned of the sanctions risk associated with complying with Iranian demands for passage through the Strait of Hormuz, such as “toll” payments, including payments made via fiat currency, digital assets, offsets, informal swaps, or other in-kind payments such as nominally charitable donations, and providing sensitive vessel information," the press release said.

Read more: U.S. says it seized about $1 billion in Iranian crypto as pressure campaign expands

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