President Trump announced on June 11 that Iran’s Supreme Leader has approved a deal that will result in the US lifting its naval blockade of the Strait of Hormuz. Iran is expected to sign the agreement soon, according to Trump, marking a potential turning point in one of the most volatile geopolitical standoffs in recent memory.
For crypto markets, the development lands in an odd spot. Just nine days earlier, the US Treasury sanctioned Nobitex, Iran’s largest digital asset exchange, alongside three other Iranian crypto platforms. The message from Washington appears to be: diplomacy can move forward, but the financial pressure campaign on digital assets isn’t going anywhere.
What the deal actually includes
The framework traces back to a tentative memorandum of understanding negotiated in late May 2026. It covers several key pillars that go well beyond a simple ceasefire extension.
First, Iran has agreed to reopen the Strait of Hormuz, a chokepoint that handles a massive share of global oil shipping. Second, Iran committed to clearing naval mines from the waterway within 30 days of signing. Third, the deal includes a 60-day extension of the current ceasefire between the two countries.
