After unleashing ‘epic fury’ on Iran, the United States has launched another front to increase its pressure on the country. The United States on Tuesday sanctioned Iran’s largest cryptocurrency exchange, Nobitex, and several of its senior executives, accusing the platform of helping the Iranian government and sanctioned entities circumvent Western sanctions. The move, named ‘Economic Fury’, is part of the Trump administration’s efforts to increase economic pressure on Tehran amid the ongoing conflict between the US, Iran and Israel.According to the US Treasury Department, Nobitex processed more than half of Iran’s digital asset revenues last year and played a key role in the country’s sanctions evasion network. Treasury officials alleged that the exchange helped move assets and money out of Iran after the start of U.S. combat operations, allowing the regime to protect its funds despite Internet blackouts.Those sanctioned include Amir Hossein Raad, chairman and co-founder of Nobitex, the exchange’s chief executive officer, and brothers Syed Mohammed Ali Aghmir Mohammed Ali and Syed Mohammed Aghmir Mohammed Ali.

Iranian entities under sanctions

Several Iranian crypto exchanges and officials have been sanctioned by the US:Nobitex: Iran’s largest digital asset exchange, handling more than 50% of the country’s crypto flows in 2025. The US alleges that it facilitated transactions linked to the Islamic Revolutionary Guard Corps (IRGC), helped it evade sanctions, and enabled regime insiders to access international crypto markets.Amir Hussain Raad: Chairman, co-founder and former CEO of Nobitex. The US says he helped restore the exchange’s operations after a major hack in June 2025 and sanctioned him for his leadership role in the company.Syed Mohammad Ali Aghmeer Mohammad Ali: Co-founder of Nobitex and member of the influential Kharrazi family. The US sanctioned him for allegedly supporting the exchange.Syed Mohammad Agmir Mohammad Ali: Co-founder and Head of Blockchain at Nobitex. He was approved for his senior role at the exchange.Syed Ali Khoi: Current CEO and former Product and Marketing Director of Nobitex. The US sanctioned him as a senior official of the company.Valeex: Iran’s second-largest crypto exchange is expected to account for about 12% of the country’s digital asset flows in 2025. The US alleges that it facilitated transactions involving the IRGC.Bitpin: An Iranian crypto exchange that received approximately 10% of Iran’s crypto flows in 2025. US officials say it processed transactions linked to the IRGC, while some investors are allegedly linked to sanctions-evasion efforts.Ramzinex: The Tehran-based crypto exchange was founded in 2018. It has processed more than $2.45 billion in transactions and has been accused by the US of handling transactions involving the IRGC and a government-backed financial institution, as well as facilitating sanctions evasion.

Why has the US imposed sanctions on Iranian crypto firms?

The sanctions were imposed following an investigation that identified Nobitex as a key hub in a parallel financial system used to process millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC). The report also found that the exchange continued to operate during a government-imposed internet shutdown, facilitating transactions worth millions of dollars.In a statement, Treasury Secretary Scott Besant said, “While Iran’s economy remains in rapid decline, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and moving funds out of the country.”The Treasury Department said that Nobitex had provided “significant support” to the Iranian government and facilitated a “significant number” of digital transactions involving both the IRGC and Iran’s central bank.“After the start of U.S. combat operations in Iran, Nobitex played a role in moving assets and funds out of Iran to protect the regime’s assets despite Internet blackouts,” the department said.US officials have repeatedly argued that Iran relies heavily on cryptocurrencies and other digital assets to avoid sanctions. Speaking at the Reagan National Economic Forum earlier this month, Besant said, “We have seized almost a billion dollars of their cryptocurrency.”The latest sanctions are part of a broader economic pressure campaign against Iran. The administration has also imposed secondary sanctions on countries doing business with individuals, companies and vessels under Iranian control, including both allies and rivals. Banks have also been warned about handling Iranian funds.Meanwhile, Tehran has halted communications with mediators regarding a possible extension of the ceasefire in the conflict with the US and Israel. However, US President Donald Trump disputed the report and said discussions were ongoing.