US sanctions Iran’s largest crypto exchange Nobitex and three other digital asset platforms

The United States on Tuesday imposed sanctions on Iran’s largest cryptocurrency exchange, Nobitex, and three other digital asset platforms, intensifying economic pressure on Tehran as the Trump administration seeks to push Iran toward a broader agreement aimed at ending the ongoing conflict involving the US and Israel.

The sanctions target Nobitex, its chairman and co-founder Amir Hossein Rad, and several affiliated entities. The US Treasury Department said Nobitex handled more than half of Iran’s digital asset transactions last year and played a key role in helping Tehran circumvent international sanctions.

The move comes amid conflicting reports over diplomatic efforts to halt the fighting. Two semi-official Iranian news agencies reported that Tehran had suspended communications with mediators regarding a possible extension of the ceasefire. US President Donald Trump, however, rejected those claims, saying negotiations remain underway.

According to the Treasury Department, Nobitex has been used to transfer funds and assets abroad, helping shield regime-linked wealth following the start of US military operations against Iran. US officials have long argued that Tehran relies heavily on cryptocurrencies and other digital assets to bypass sanctions restrictions.

Treasury Secretary Scott Bessent recently said the United States had seized roughly $1 billion in Iranian cryptocurrency assets, underscoring Washington’s focus on disrupting Tehran’s alternative financial networks.

The latest sanctions are part of a broader campaign to increase economic pressure on Iran. The Trump administration has also imposed secondary sanctions on foreign entities conducting business with Iranian-linked individuals, companies and vessels, including firms in countries such as China and the United Arab Emirates. Financial institutions have likewise been warned against facilitating transactions involving Iranian funds.

Last week, Washington sanctioned Iran’s newly established Arabian Gulf Strait Authority, accusing it of attempting to exert control over commercial traffic through the Strait of Hormuz. The Treasury Department described the body as a mechanism designed to extract payments from international shipping operators.

Meanwhile, the US military continues to enforce a maritime blockade targeting Iranian ports, launched after Tehran moved to restrict access through the strategically vital Strait of Hormuz following the outbreak of hostilities earlier this year.