US Targets Iran's Crypto Exchanges, Freezes Over $344 Million in Assets

America has followed the path of Bitcoin, and it's led to a significant crackdown on Iran's cryptocurrency activities. In 2019, Iran formally recognized cryptocurrency mining as a legal industry, but miners were required to obtain licenses. However, unauthorized operations remained widespread.

Iran's underground mining industry thrived due to its cheap power, which was used to produce Bitcoin. The country's significant oil and natural-gas reserves also made it an attractive location for energy-intensive cryptocurrency mining.

The blockchain network provided a transparent financial trail that investigators could follow. Blockchain analytics firm Chainalysis reported that addresses associated with Iran's Islamic Revolutionary Guard Corps received more than $3 billion in cryptocurrency during 2025. By the fourth quarter of 2025, IRGC-linked activity accounted for over half of Iranian cryptocurrency inflows.

The U.S. Treasury's Office of Foreign Assets Control targeted four major Iranian cryptocurrency exchanges: Nobitex, Bitpin, Ramzinex, and Wallex. The scale was significant, with Nobitex alone receiving over 50% of all digital-asset inflows into Iranian exchanges during 2025.

The U.S. government's strategy wasn't based on shutting down Bitcoin; instead, authorities targeted infrastructure surrounding cryptocurrency, including exchanges, custodians, stablecoin issuers, brokers, and financial intermediaries.