Washington, DC – The US Treasury Department announced a new and stringent package of economic sanctions targeting Iran. These sanctions directly target sophisticated Iranian financial technology networks and digital platforms. This comes in light of their pivotal role in facilitating a massive cryptocurrency market estimated to be worth billions of dollars. Furthermore, their use has been a key tool for circumventing international banking restrictions imposed on the Iranian regime and its military proxies.
Pursuing platforms and the founders’ network
According to the official statement issued by the Treasury Department, the new sanctions target the Iranian cryptocurrency trading platform Nobitex. This move strikes a vital sector that has witnessed significant growth since the outbreak of the recent war in the Middle East last February.
The sanctions target four individuals who are leaders and founders of the platform: Mohammad Aghamir, Mohammad Ali Aghamir, Ali Khoyi, and Amir Hossein Rad (the company’s current CEO).
The US Treasury also expanded its targeting to include four leading companies operating in the digital financial services sector within Iran. The platforms Nobitex, Bitbean, Ramzinex, and Walex (Alex) were all added to the blacklist. In addition, two individuals from the Democratic Republic of Congo were designated for their connection to the same network.
Economic experts believe that Iranian digital asset platforms have recently become a strategic tool for circumventing sanctions imposed on the Iranian Revolutionary Guard and the Central Bank. At the same time, they have served as a financial haven for Iranian civilians affected by soaring inflation.
According to data from the specialized firm TRM Labs, trading volume on the Nobitex platform alone reached approximately $5 billion between 2025 and March 2026. Bloomberg, meanwhile, estimated the total size of the cryptocurrency market in Iran at around $7.8 billion.
Financial breach amid military confrontation
These rapid developments occurred in the context of the military confrontation launched by the United States and Israel against Iran in late February. This led to an escalation of violence in the Middle East and retaliatory strikes against Washington’s allies.
The US Treasury stated that Nobitex alone processed more than 50% of all Iranian digital asset flows in 2025. It also facilitated suspicious payments linked to government activities and transactions involving the Islamic Revolutionary Guard Corps.
In this regard, US Treasury Secretary Scott Bisnett said, “As the Iranian economy rapidly deteriorates, the regime has decided to use digital asset technology to further its corrupt agenda, including circumventing sanctions and smuggling wealth out of the country,” according to Reuters.
The statement explained that the platform provided “significant support” to the regime and played a vital role after the start of military operations in protecting assets and transferring funds from within Iran. Consequently, it helped preserve the regime’s wealth and strategic reserves even during the complete internet blackout in the country.
