WASHINGTON – The US Treasury on June 2 issued sanctions against Nobitex, Iran’s largest cryptocurrency platform, hitting a sector that has seen increased activity since the start of the war in the Middle East in February.
Experts say digital asset platforms have been used to circumvent sanctions placed on Iran’s Revolutionary Guards and as a financial safe haven for civilians hit by soaring inflation.
Nobitex handled roughly US$5 billion (S$6.4 billion) in transactions from 2025 to March 2026, according to TRM Labs.
Bloomberg estimated the entire country’s crypto market to total around US$7.8 billion in March.
The United States and Israel launched the war on Iran in late February, engulfing the Middle East in violence as Tehran’s retaliatory strikes hit Washington’s regional allies.
The US Treasury alleged that Nobitex had processed “more than 50 per cent of all Iranian digital asset inflows in 2025.”
It said the exchange had facilitated payments tied to government activities, sanctions evasion efforts, and Islamic Revolutionary Guard Corps (IRGC)-linked transactions.
The Treasury also issued sanctions against two other Iranian digital asset exchanges, Wallex and Bitpin.
It additionally sanctioned Nobitex’s three co-founders and current CEO.
Iran has largely been cut off from the global financial system due to US and European sanctions in place for years before the war. Cryptocurrency has offered a path for citizens and businesses to transact with the rest of the world. AFP
