Economic Fury Targets Iran’s Largest Digital Asset Exchange for Terror Finance and Sanctions Evasion
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Key facts
Source:US Treasury (UK HM Treasury, Open Government Licence v3.0)
The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions targeting Iran’s largest cryptocurrency exchange, Nobitex, along with three other Iranian digital asset platforms. The move is part of the "Economic Fury" initiative, a broader campaign aimed at restricting the Iranian regime's ability to move wealth and evade international sanctions.
According to the Treasury, Nobitex has been instrumental in processing over half of Iran's digital asset inflows in 2025. The department alleges the exchange has facilitated transactions linked to the Islamic Revolutionary Guard Corps (IRGC), including payments for ransomware and activities intended to bypass sanctions. Additionally, the exchange is accused of helping the Central Bank of Iran utilize stablecoins to stabilize the Iranian rial and assisting regime officials in accessing international markets.
The sanctions also target Amir Hossein Rad, the chairman and co-founder of Nobitex, as well as several other leaders and officials within the organization. These enforcement actions were taken under the authority of Executive Orders 13224 and 13902, which focus on counterterrorism and the disruption of Iran’s financial sector.
This latest action follows a series of Treasury efforts to disrupt Iran's revenue streams, including the freezing of nearly $500 million in cryptocurrency linked to the regime. The Treasury Department has also been targeting shadow banking networks, illicit oil trade vessels, and entities like the "Persian Gulf Strait Authority," an IRGC-linked group involved in extorting international shipping.
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