2026-06-02 20:28:14
US Treasury Cracks Down On Crypto Ties To Iran: 4 Exchanges Receive New Sanctions
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The US Treasury has announced a new round of Iran-related sanctions targeting crypto channels used to move value across borders, with Treasury officials arguing that Iran has turned to digital asset tools to bypass restrictions and maintain access to international funds. New Iran Sanctions On Crypto Exchanges The Treasury’s Office of Foreign Assets Control (OFAC) said Tuesday it designated Nobitex, described as Iran’s largest digital asset exchange, along with three other Iranian exchanges, as part of an initiative branded “Economic Fury.” The Treasury positioned the designations as part of the Trump administration’s broader effort to reduce what officials call the threat posed by the Iranian regime. According to the OFAC release, Nobitex provided substantial assistance to the regime by processing more than half of all Iranian digital asset inflows in 2025. Treasury officials also said the platform facilitated payments tied to Iran’s terrorist activities, sanctions evasion efforts, and transactions linked to the Islamic Revolutionary Guard Corps (IRGC). In addition, Treasury claims Nobitex helped the Central Bank of Iran access “hundreds of millions of dollars” in stablecoins, which were used to support the plummeting value of the Iranian rial. The exchange, the release adds, also enabled regime insiders to reach international digital asset exchanges and evade sanctions across multiple jurisdictions. Binance Pushes Back In remarks tied to the announcement, Treasury Secretary Scott Bessent said Iran’s economy is “in free fall,” but that the regime has nevertheless sought to “co-opt digital asset technologies” for what he described as a corrupt agenda—specifically to evade US sanctions. Bessent concluded his comments by saying that the Treasury intends to keep “following the money” to stop the regime from developing a nuclear weapon. He said this approach would extend beyond the traditional banking system and reach “through digital assets” as well. While the OFAC designations focused on Iranian exchanges, scrutiny has been spreading beyond Iran’s borders. Bitcoinist previously reported that attention has also rippled to Binance, the world’s largest cryptocurrency exchange. In a February 24 letter to Binance co-CEO Richard Teng, Senator Richard Blumenthal cited reports suggesting the company enabled “large-scale violations” of US and international sanctions involving Iran. Blumenthal wrote that Binance appeared to have ignored warnings and recommendations intended to prevent Iranian money-laundering schemes. He alleged that the crypto exchange allowed approximately $1.7 billion in transfers connected to Iran. Binance, for its part, rejected the allegations ahead of the senator’s inquiry. In a statement dated February 22, the company said it conducted an internal review and found “no evidence of violations of applicable sanctions laws.” Featured image created with OpenArt; chart from TradingView.com