US Slaps Sanctions on Iranian Crypto Exchanges in 'Economic Fury' Campaign

The US Treasury Department has imposed new sanctions on four Iranian crypto exchanges, including Nobitex, the country's largest exchange, in a bid to pressure Iran back to the negotiating table.

Nobitex handled around half of Iran's total crypto trading last year, with the exchange's chairman and other senior executives also sanctioned.

The sanctions are part of the US government's 'Economic Fury' campaign aimed at restricting Iran's access to global financial markets.

Iran's crypto market is estimated to be worth around $7.8 billion, with Iranians using cryptocurrencies as a means of storing assets and transferring money during periods of instability.