The United States has imposed sanctions on Iran's largest digital asset exchange, Nobitex, along with three other cryptocurrency platforms, as part of the Trump administration's ongoing efforts to pressure Tehran into ending the war with the US and Israel. The sanctions, announced on Tuesday, target Nobitex and its chairman and co-founder, Amir Hossein Rad.
Nobitex Accused of Sanctions Evasion
The US Treasury Department stated that Nobitex processed more than 50 percent of all Iranian digital asset income last year and plays a key role in Iran's vast sanctions evasion network. Treasury officials accused the exchange of moving assets and funds out of the country to shield regime wealth following the start of US combat operations in Iran.
Ceasefire Talks in Jeopardy
The sanctions come as two semiofficial Iranian news agencies reported that Iran has stopped communicating with mediators about extending a ceasefire in the war with the US and Israel. However, US President Donald Trump disputed this claim, asserting that talks are continuing.
US officials maintain that Iran relies heavily on cryptocurrency and other digital assets to evade sanctions. Treasury Secretary Scott Bessent revealed at the Reagan National Economic Forum this month that the US has seized about a billion dollars of Iranian crypto assets.
Broader Economic Measures
The latest sanctions are part of a variety of measures implemented by the Trump administration to inflict economic pain on Iran. These include secondary economic sanctions on countries doing business with Iranian-linked people, firms, and ships, even affecting allies like the United Arab Emirates and competitors like China. Banks have also received warnings about handling Iranian money.
Last week, the US imposed sanctions on Iran's newly created Arabian Gulf Strait Authority, an agency designed to control shipping through the Strait of Hormuz. The Treasury Department described the agency as a "scheme to extort international shipping."
Military Blockade
Meanwhile, the US military has stopped merchant vessels attempting to break through a US-led blockade of Iranian ports. The blockade was launched on April 17 after Iran effectively closed the Strait of Hormuz following the outbreak of war in the Middle East, which began with US and Israeli strikes on February 28.
A representative from Nobitex could not be reached for comment via email.
