The U.S. Treasury Department announced Tuesday that it has sanctioned Nobitex, Iran's largest cryptocurrency exchange, along with three other entities. The sanctions target Nobitex over its alleged links to the Islamic Revolutionary Guard Corps (IRGC).
According to the Treasury Department, the sanctions are part of a tranche of new measures addressing Iran's ability to launder illicit funds. The Trump administration's action represents a continued effort to pressure the Islamic Republic into a deal, Bloomberg reported.
Nobitex handled roughly US$5 billion (S$6.4 billion) in transactions from 2025 to March 2026, according to The Straits Times. A report revealed that Nobitex continued operating even after a government-imposed internet shutdown, processing millions of dollars in transactions.
The Washington Examiner reported that the sanctions are part of efforts to address the nation's ability to launder illicit funds. The Middle East Eye and The Hindu both identified the IRGC links as the basis for the sanctions against the cryptocurrency exchange.
The sanctions against the cryptocurrency exchange come as part of broader U.S. efforts to restrict Iran's financial capabilities. The Treasury Department identified Nobitex as a significant platform for Iranian cryptocurrency transactions.
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