WASHINGTON, D.C.: The Trump administration this week imposed sanctions on Iran's largest digital asset exchange and three other cryptocurrency platforms, intensifying economic pressure on Tehran as Washington seeks to push Iran toward an agreement to end its conflict with the United States and Israel.
Among those targeted is Nobitex, Iran's largest cryptocurrency exchange, as well as its chairman and co-founder, Amir Hossein Rad.
According to the U.S. Treasury Department, Nobitex processed more than half of Iran's digital asset income last year and plays a key role in helping Tehran evade international sanctions.
Treasury officials allege that Nobitex has been used to move assets and funds out of Iran to protect regime wealth following the start of U.S. military operations against the country.
A representative of Nobitex could not immediately be reached for comment.
The sanctions come amid conflicting reports over diplomatic efforts related to the ongoing war. Two semiofficial Iranian news agencies reported on June 2 that Tehran had halted communications with mediators regarding a possible extension of a ceasefire with the United States and Israel.
U.S. President Donald Trump disputed those reports and said discussions were continuing.
U.S. officials have repeatedly argued that Iran relies heavily on cryptocurrencies and other digital assets to bypass financial restrictions imposed by Western governments.
Treasury Secretary Scott Bessent highlighted that concern earlier this month at the Reagan National Economic Forum. "We have seized about a billion dollars of their crypto," Bessent said.
The latest sanctions are part of a broader campaign by the Trump administration to increase economic pressure on Iran. Washington has also imposed secondary sanctions on countries, companies, and vessels conducting business with Iranian-linked entities, including firms based in allied nations such as the United Arab Emirates, as well as major trading partners like China.
Financial institutions have also been warned about handling Iranian funds.
Last week, the United States sanctioned Iran's newly established Persian Gulf Strait Authority, an agency created to oversee shipping through the Strait of Hormuz. The Treasury Department described the authority as a "scheme to extort international shipping."
The sanctions campaign comes as the United States continues efforts to restrict Iran's access to global trade and financial networks.
Meanwhile, the U.S. military has continued enforcing a blockade of Iranian ports. The blockade was launched on April 17 after Iran effectively closed the Strait of Hormuz following the outbreak of hostilities in late February.
