The U.S. Treasury Department has sanctioned Nobitex and several other Iranian cryptocurrency exchanges as part of a broader 'Economic Fury' campaign targeting Iran's financial infrastructure. Nobitex, identified as Iran's largest crypto exchange, processed more than half of the country's total crypto inflows in 2024, making it a central target for U.S. enforcement action. The sanctions are designed to cut off access to dollar-denominated transactions and block U.S. persons from engaging with the platforms. The move reflects growing concern among Western regulators that cryptocurrency networks are being used to circumvent existing financial sanctions on Iran. The Treasury's action signals an escalating effort to extend traditional sanctions enforcement into digital asset markets where sanctioned nations have sought alternative financial channels.
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