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U.S. Treasury Sanctions Iran’s Top Crypto Exchanges Over Ransomware Funding

6/3/2026

Summary

Treasury Sanctions Nobitex

On June 3, 2026, the U.S. Treasury sanctioned Iran’s largest crypto exchange, Nobitex, and three other platforms.
Nobitex handled over 50 percent of Iran’s 2025 digital-asset inflows, while Wallex, Bitpin and Ramzinex accounted for 12 percent, 10 percent and over $2.45 billion respectively.
The sanctions bar persons and foreign firms from dealing with the four platforms, which Treasury Secretary Scott Bessent said are used to evade sanctions, move wealth abroad and fund IRGC-linked ransomware.

Summary

Iran Crypto Boom

Iran’s crypto market reached $7.78 billion in 2025, per Chainalysis.
IRGC-linked wallets processed over $3 billion, more than half of all crypto inflows by end-2025.
One in six Iranians use crypto after the rial fell nearly 90 percent since 2018.
Inflation of 40-50 percent pushes citizens to bitcoin, USDT on Tron and stablecoins as a hedge.
The crypto surge coincides with U.S. sanctions, signaling a domestic shift beyond the Economic Fury campaign.

Summary

US Imposes Sanctions

The United States imposed sanctions on UAE and China firms and launched a naval blockade on April 17, halting merchant vessels.
Secretary of State Marco Rubio told senators an Iran deal could happen today, tomorrow or next week.
President Donald Trump posted “where they lead, one never knows,” indicating uncertainty about negotiations.
Treasury Secretary Scott Bessent called the campaign “Economic Fury” and cited Binance’s $4 billion 2023 settlement for sanctions violations.

History

Historical Context

In 2018 the Trump administration issued Executive Order 13876, expanding U.S. sanctions on Iran’s oil sector and designating the Islamic Revolutionary Guard Corps. Building on that “maximum pressure” approach, Treasury Secretary Scott Bessent in 2026 announced a new crackdown on crypto platforms used to evade sanctions, after seizing nearly $500 million in Iranian-linked digital assets.

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Treasury Sanctions Nobitex

On June 3, 2026, the U.S. Treasury sanctioned Iran’s largest crypto exchange, Nobitex, and three other platforms.
Nobitex handled over 50 percent of Iran’s 2025 digital-asset inflows, while Wallex, Bitpin and Ramzinex accounted for 12 percent, 10 percent and over $2.45 billion respectively.
The sanctions bar persons and foreign firms from dealing with the four platforms, which Treasury Secretary Scott Bessent said are used to evade sanctions, move wealth abroad and fund IRGC-linked ransomware.

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