The US Treasury just went after Iran’s crypto infrastructure with a sledgehammer. The Office of Foreign Assets Control sanctioned Nobitex, Iran’s largest digital asset exchange, alongside three other platforms: Wallex, Bitpin, and Ramzinex.
Nobitex alone handled roughly 50% of Iran’s digital asset inflows in 2025. Taking it offline, at least from the Western financial system, is the equivalent of shutting down half the country’s crypto on-ramp in one move.
What happened and why it matters
OFAC issued the designations on June 2 under two executive orders. Executive Order 13224 targets entities involved in counterterrorism financial activities, while Executive Order 13902 focuses specifically on the Iranian financial sector. The sanctions hit both the platforms and various executives associated with them.
The core target here isn’t just crypto. It’s the Islamic Revolutionary Guard Corps. Washington has been methodically going after the IRGC’s financial plumbing, and these four exchanges appear to have been key nodes in that network.
