Iran Denies Ties to Sanctioned Crypto Exchanges as US Campaign Intensifies

The Central Bank of Iran's Governor Abdolnasser Hemmati has pushed back against Washington's expanding crypto sanctions campaign, denying any ties between targeted exchanges and wallets to the Iranian state. The US Treasury has sanctioned several Iranian crypto infrastructure in recent months, including Nobitex, the largest cryptocurrency exchange in Iran, and four wallets allegedly linked to the Central Bank of Iran.

Hemmati maintains that these exchanges have no operational connection to the Iranian government and that Tehran retains full control over its funds. However, this claim is contradicted by the Treasury's findings, which accused Nobitex of processing transactions benefiting sanctioned state entities.

The sanctions campaign has resulted in the freezing of approximately $131 million in digital assets connected to those addresses. This reinforces a pattern where stablecoin issuers function as de facto compliance arms of the US financial system, subjecting exchanges and wallets that touch Tether's USDT to US enforcement jurisdiction.

The Treasury has shown no signs of slowing down, with three rounds of sanctions in three months targeting exchanges, wallets, and the central bank itself. This suggests a sustained campaign with more designations likely to follow.