US Treasury Sanctions Iran's Crypto Infrastructure with Broad Sweep

The US Treasury has taken a significant step in targeting Iran's crypto infrastructure by sanctioning four major platforms, including Nobitex, the country's largest digital asset exchange. The Office of Foreign Assets Control (OFAC) designated Nobitex, along with Wallex, Bitpin, and Ramzinex, under two executive orders: Executive Order 13224 and Executive Order 13902.

The sanctions hit both the platforms and various executives associated with them, but the core target is not just crypto - it's the Islamic Revolutionary Guard Corps (IRGC). The US has been methodically going after the IRGC's financial plumbing, and these four exchanges appear to have been key nodes in that network.

The State Department is offering a $15 million reward for information that helps disrupt IRGC financial operations. This action didn't come out of nowhere - in April 2026, roughly $344 million in digital assets linked to Iranian networks were frozen, with Tether reportedly assisting in blocking wallets associated with the IRGC during that effort.

The sanctions represent a shift in the enforcement playbook, targeting the institutional layer: the exchanges where sanctioned entities convert between fiat and crypto. Private companies like Tether are increasingly functioning as compliance chokepoints in the crypto ecosystem.