After unleashing ‘Epic Fury’ on Iran, the United States has launched another front to step up its pressure on the country. The US, on Tuesday, imposed sanctions on Iran’s largest cryptocurrency exchange, Nobitex, and several of its senior executives, accusing the platform of helping the Iranian government and sanctioned entities bypass Western restrictions. The move, ‘Economic Fury’ is part of the Trump administration’s efforts to increase economic pressure on Tehran amid the ongoing conflict involving the US, Iran and Israel.According to the US treasury department, Nobitex processed more than half of Iran’s digital asset income last year and played a key role in the country’s sanctions evasion network. Treasury officials alleged that the exchange helped move assets and funds out of Iran following the start of US combat operations, allowing the regime to protect its wealth despite internet blackouts.Among those sanctioned are Nobitex chairman and co-founder Amir Hossein Rad, the exchange’s chief executive officer, and brothers Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali.
Iranian entities under sanctions
Several Iranian crypto exchanges and executives have been sanctioned by the US:Nobitex: Iran’s largest digital asset exchange, handling over 50% of the country’s crypto inflows in 2025. The US alleges it facilitated transactions linked to the Islamic Revolutionary Guard Corps (IRGC), helped sanctions evasion, and enabled regime insiders to access international crypto markets.Amir Hossein Rad: Nobitex chairman, co-founder and former CEO. The US says he helped restore the exchange’s operations after a major hack in June 2025 and sanctioned him for his leadership role at the company.Seyed Mohammad Ali Aghamir Mohammad Ali: Nobitex co-founder and member of the influential Kharrazi family. The US sanctioned him for allegedly supporting the exchange.Seyed Mohammad Aghamir Mohammad Ali: Nobitex co-founder and blockchain lead. He was sanctioned over his senior role at the exchange.Seyed Ali Khoee: Current CEO of Nobitex and former product and marketing director. The US sanctioned him as a senior company official.Wallex: Iran’s second-largest crypto exchange, accounting for about 12% of the country’s digital asset inflows in 2025. The US alleges it facilitated transactions linked to the IRGC.Bitpin: An Iranian crypto exchange that received around 10% of Iran’s crypto inflows in 2025. US authorities say it processed transactions linked to the IRGC, while some investors have reportedly been connected to sanctions-evasion efforts.Ramzinex: Tehran-based crypto exchange founded in 2018. It has processed more than $2.45 billion in transactions and is accused by the US of handling transactions linked to the IRGC and a government-backed financial institution, as well as facilitating sanctions evasion.
Why has US sanctioned Iranian crypto firms
The sanctions follow an investigation that identified Nobitex as a key hub in a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC). The report also found that the exchange continued operating during a government-imposed internet shutdown, processing millions of dollars in transactions.In a statement, Treasury Secretary Scott Bessent said, “While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country.”The treasury department said Nobitex had provided “significant support” to the Iranian government and facilitated a “significant number” of digital transactions linked to both the IRGC and Iran’s central bank.“Following the commencement of US combat operations in Iran, Nobitex played a role in protecting and moving assets and funds out of Iran to shield regime wealth despite internet blackouts,” the department said.US officials have repeatedly argued that Iran relies heavily on cryptocurrency and other digital assets to circumvent sanctions. Speaking earlier this month at the Reagan National Economic Forum, Bessent said, “We have seized about a billion dollars of their crypto.”The latest sanctions are part of a wider economic pressure campaign against Iran. The administration has also imposed secondary sanctions on countries conducting 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 had halted communications with mediators regarding a possible extension of a ceasefire in the conflict with the US and Israel. US President Donald Trump, however, disputed the report and said discussions were continuing.
