Full Breakdown
U.S. Sanctions Target Iran’s Leading Crypto Exchanges in “Economic Fury” Campaign
6/3/2026, 8:48:34 PM
Sanctions Overview
On 2 June 2026, the Treasury’s Office of Foreign Assets Control (OFAC) placed Iran’s largest digital-asset exchange, Nobitex, and three other platforms—Wallex, Bitpin and Ramzinex—on the sanctions list under Executive Orders 13224 and 13902. The designation also blocks Nobitex chairman Amir Hossein Rad, CEO Seyed Ali Khoee and co-founders Ali and Mohammad Kharrazi.
Context
The move is part of the Trump administration’s “Economic Fury” campaign, extending its “maximum pressure” policy after the February 2026 U.S.–Israel strikes on Iran. Treasury has paired crypto sanctions with actions against shadow-bank networks and the Persian Gulf Strait Authority, which it calls an IRGC extortion scheme.
Core Data
Nobitex processed over 50 % of 2025 Iranian crypto inflows and aided the Central Bank’s stablecoin purchases. Wallex and Bitpin handled 12 % and 10 % respectively; Ramzinex processed $2.45 billion, much tied to the IRGC. Treasury reports roughly $500 million frozen and about $1 billion seized, and notes a June 2025 hack that cost Nobitex $90 million.
Implications
The sanctions aim to choke IRGC financing, weapons procurement and Iran’s nuclear program. They also risk limiting ordinary Iranians’ access to stablecoins used to hedge against a 90 % rial collapse and hyperinflation.
Official Statements & Responses
Secretary of the Treasury Scott Bessent said the designations prove “Economic Fury” is working and that the regime “has chosen to co-opt digital asset technologies for its own corrupt agenda.” Treasury warned U.S. persons could face secondary sanctions for facilitating prohibited transactions. The State Department’s Rewards for Justice program announced a $15 million bounty for information that disrupts IRGC financial networks.
Opposition View
Nobitex said it has no direct government ties and that any illicit transfers occurred without management approval. Analysts warn the sanctions could further restrict Iranians’ ability to use stablecoins for savings amid severe inflation.
Verbatim Quotes
- “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.” — Scott Bessent, Treasury Secretary
- “As promised, Treasury will continue to follow the money in support of Economic Fury, whether it is through the banking system or through digital assets, to prevent the regime from developing a nuclear weapon.” — Scott Bessent
- “We have seized about a billion dollars of their crypto.” — Scott Bessent
- “Advertisment1 The State Department’s Rewards for Justice program is also offering up to $15 million for information leading to the disruption of financial mechanisms used by the IRGC and its branches.” — State Department
Conflicting Reports & Gaps
U.S. officials assert Nobitex directly supported the regime, while the exchange denies any official ties. Independent verification of ransomware-linked wallets and the exact amount of frozen crypto is limited to Treasury disclosures.
What’s Next
The Treasury warned foreign banks that processing Iranian crypto could trigger secondary sanctions. The $15 million reward remains open, and further designations are expected as Economic Fury expands.
