US Treasury Sanctions Iranian Crypto Exchanges Over IRGC Money Laundering

The US Treasury has imposed sanctions on four major Iranian digital asset platforms, accusing them of facilitating money laundering for the Islamic Revolutionary Guard Corps (IRGC). The Office of Foreign Assets Control designated Nobitex, Bitpin, Ramzinex, and Wallex, which together make up the backbone of Iran's domestic crypto market. Nobitex alone processed over 50% of the country's digital asset inflows in 2025.

The Treasury specifically called out 'toll' payments, allegedly paid to IRGC-linked entities for safe passage through the Strait of Hormuz. This 'crypto-powered protection racket' uses stablecoin transactions and ransomware payments to funnel money to the IRGC. About a fifth of global oil passes through the Strait daily.

The Treasury froze nearly $500 million in digital assets connected to the Iranian regime, including over $130 million held on the TRON network as USDT. Several Iranian nationals were also designated, including Nobitex executives and founders such as Amir Hossein Rad. The sanctions effectively cut these individuals and entities off from the US financial system.