The US Treasury Department has designated Nobitex, Iran's largest digital asset exchange, along with three other Iranian crypto platforms, as part of a new sanctions package aimed at cutting off the regime's access to foreign currency and stablecoins. Treasury officials accuse Nobitex of processing more than half of all Iranian digital asset inflows in 2025 and helping the Central Bank of Iran funnel hundreds of millions of dollars in stablecoins to prop up the rial. The move comes as Treasury Secretary Scott Bessent described Iran's economy as 'in free fall' and alleged the regime is using crypto to evade sanctions and advance its nuclear ambitions.
How Nobitex Allegedly Helped Iran Bypass Sanctions
According to Treasury's Office of Foreign Assets Control, Nobitex facilitated transactions linked to the Islamic Revolutionary Guard Corps and other actors tied to terrorist activities. The exchange is said to have enabled sanctions evasion by processing payments that would otherwise have been blocked by US and international restrictions. Treasury claims that through Nobitex, the Central Bank of Iran was able to access stablecoins — digital tokens pegged to the dollar — giving the regime a way to trade currency without relying on the traditional banking system. The scale is significant: the department says Nobitex handled over half of Iran's digital asset inflows last year, making it a central node in the country's crypto economy.
Binance Faces Separate Allegations Over Iran Transactions
In a related development, Senator Richard Blumenthal sent a letter to Binance co-CEO Richard Teng on February 24, citing reports that the exchange enabled roughly $1.7 billion in transfers connected to Iran while allegedly ignoring internal warnings. Blumenthal's letter put renewed pressure on Binance, which has previously faced US enforcement actions over compliance failures. Binance responded on February 22 with a statement denying the allegations, saying an internal review found 'no evidence of violations of applicable sanctions laws.' The company did not detail the scope of that review or whether it covered the specific transactions cited by the senator.
What the 'Economic Fury' Sanctions Mean for Iran's Crypto Sector
The sanctions package, dubbed 'Economic Fury,' targets multiple Iranian exchanges in an effort to choke off the regime's access to foreign currency. By designating Nobitex and the other platforms, Treasury aims to make it harder for Iranian businesses and individuals to move money across borders using crypto. The move also signals that US regulators are paying close attention to digital asset platforms that operate in sanctioned jurisdictions. For Iranian crypto users, the sanctions could mean restricted access to global exchanges and liquidity pools, as platforms fear secondary sanctions.
Treasury Secretary Bessent framed the action as part of a broader strategy to pressure Iran's economy. 'The regime has co-opted digital assets to evade US sanctions and develop a nuclear weapon,' he said. The department has not released specific evidence linking the exchange's activities to weapons development, but the designation freezes any US-based assets and prohibits American companies from doing business with Nobitex.
The Treasury's next steps may include further designations of individuals or entities tied to Iran's crypto infrastructure. Meanwhile, Binance faces a deadline to respond to Senator Blumenthal's letter, which requested detailed information about the alleged $1.7 billion in transactions. The exchange's denial has not quelled scrutiny from lawmakers who question whether Binance's compliance systems are adequate to prevent sanctions evaion.
