Key Takeaways:
- OFAC blacklisted Nobitex, Wallex, Bitpin and Ramzinex on June 2
- Treasury seized roughly $1 billion in Iranian crypto since the war began
- Sanctions expose Binance to potential secondary sanctions, FDD analyst says
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US Treasury sanctions 4 Iranian crypto exchanges over terror financing links
The US Treasury blacklisted four Iranian cryptocurrency exchanges Tuesday, including the country's largest platform Nobitex, barring American entities and dollar-based financial services from doing business with them.
"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," Treasury Secretary Scott Bessent said in a statement.
The Office of Foreign Asset Control added Nobitex, Wallex, Bitpin and Ramzinex, along with several of their executives, to its Specially Designated Nationals list. Nobitex processed more than 50 percent of all Iranian digital asset inflows in 2025 and facilitated payments tied to Iran's terrorist activities, sanctions evasion and Islamic Revolutionary Guard Corps-linked transactions, including ransomware payments, according to Treasury. The action came days after Bessent announced the department had seized roughly $1 billion in crypto from Iranian exchanges and wallets since the start of the US military campaign against Iran.
The sanctions also carry implications for global crypto platforms. Max Meizlish, a senior research fellow at the Foundation for Defense of Democracies and a former Treasury enforcement officer, said the designations expose Binance to potential secondary sanctions because much of the crypto flowing into Iran has passed through the exchange in recent years.
Nobitex also helped move assets out of Iran after the US began bombing the country earlier this year, Treasury said. The exchange assisted the Central Bank of Iran in accessing hundreds of millions of dollars in stablecoins used to prop up the plummeting rial while enabling regime insiders to evade sanctions across multiple jurisdictions.
Wallex, Bitpin and Ramzinex are allegedly linked to the IRGC, according to Treasury, which added that Bitpin investors have reportedly been tied to Iranian efforts to evade US sanctions.
The Treasury Department said the sanctions were part of its broader campaign under Operation Economic Fury. It also recently warned of sanctions risk associated with complying with Iranian demands for passage through the Strait of Hormuz, including "toll" payments made via fiat currency, digital assets, informal swaps or nominally charitable donations.
This article is for informational purposes only and does not constitute investment advice.
