On Wednesday, the U.S. Treasury Department designated four Iranian virtual asset exchanges as targets of sanctions.
According to the Treasury Department’s announcement that day, the sanctions list includes Nobitex—Iran’s largest exchange—as well as Wallex, Bitpin, and Ramzinex.
In addition, four individuals, including Novitex’s co-founder and former and current Chief Executive Officers (CEOs), were included on the sanctions list. The Treasury Department stated that two of Nobitex’s co-founders have close ties to the family of Ayatollah Ali Khamenei, Iran’s former Supreme Leader.
This measure is part of the Economic Fury campaign the U.S. is pursuing to isolate Iran from the international financial system. The campaign began on April 14.
U.S. Treasury Secretary Scott Bessent issued a statement explaining the rationale behind the sanctions, saying that even as Iran’s economy plummets, the Iranian regime has exploited virtual asset technology for corrupt schemes, such as evading sanctions and siphoning assets abroad.