US Sanctions Iran’s Largest Crypto Exchange as ‘Economic Fury’ Campaign Intensifies

The Trump administration has sanctioned major Iranian crypto firms, including the country’s largest exchange, in a bid to pressure Tehran back to the negotiating table.

Bloomberg reported on June 2 that the US Treasury Department had blacklisted four Iranian crypto exchanges, including Nobitex. Nobitex, Iran’s largest crypto exchange, handled about half of the country’s total crypto trading last year. The Treasury also sanctioned the exchange’s chairman and other senior executives.

In a statement, Treasury Secretary Scott Bessent said Iran’s regime was using crypto technology for corrupt purposes, including evading sanctions and moving assets overseas, as the country’s economy deteriorates.

Iran’s crypto market is estimated at about $7.8 billion. Iranians and the country’s authorities have used crypto as a means of storing assets and transferring money during periods of instability. Trading volumes have come back into focus since the war involving the US, Israel and Iran began in late February.

Funds tied to Iranian exchanges, including Nobitex, previously flowed through Binance, the world’s largest crypto exchange. In 2023, Binance agreed to pay more than $4 billion to settle allegations that it violated US sanctions on Iran and anti-money laundering rules, marking the largest penalty in the Treasury Department’s history.

The Trump administration has kept up its hard-line sanctions push against Iran under the banner of “Economic Fury.” Iran, however, has continued to resist US demands despite sustained pressure since 2018, when President Donald Trump withdrew from the nuclear deal reached under the Obama administration.