Iran’s ‘economic rage’: US seizes Tehran’s largest encrypted network amid peace talks

After launching an “epic rage” against Iran, the United States has launched another front to increase pressure on Iran. The United States on Tuesday imposed sanctions on Iran’s largest cryptocurrency exchange Nobitex and several of its executives, accusing the platform of helping the Iranian government and sanctioned entities bypass Western restrictions. The move, dubbed “economic outrage,” is part of the Trump administration’s efforts to increase economic pressure on Tehran amid ongoing conflicts between the United States, Iran and Israel.According to the U.S. Treasury Department, Nobitex processed more than half of Iran’s digital asset revenue last year and played a key role in the country’s sanctions evasion network. Treasury officials claimed that the exchange helped move assets and funds out of Iran after U.S. combat operations began, allowing the Iranian regime to protect its wealth in the event of an internet outage.Those sanctioned include Amir Hossein Rad, chairman and co-founder of Nobitex and the exchange’s CEO, as well as brothers Saeed Muhammad Ali Agamil Muhammad Ali and Saeed Muhammad Agamil Muhammad Ali.

Iranian entities subject to sanctions

Several Iranian cryptocurrency exchanges and executives have been subject to U.S. sanctions:Nobitex: Iran’s largest digital asset exchange, handling more than 50% of the country’s cryptocurrency inflows in 2025. The United States claims it facilitated transactions linked to the Islamic Revolutionary Guard Corps (IRGC), helped evade sanctions, and enabled regime insiders to access international cryptocurrency markets.Aamir Hussain Bikes: Chairman, co-founder and former CEO of Nobitex. The United States said he helped restore the exchange’s operations after a major hack in June 2025 and sanctioned him for his leadership role at the company.Syed Muhammad Ali Agamil Muhammad Ali: Co-founder of Nobitex and a member of the influential Kharrazi family. The United States imposed sanctions on him for allegedly supporting the exchange.Syed Muhammad Agamil Muhammad Ali: Co-founder and Head of Blockchain at Nobitex. He was sanctioned for holding a senior position at the exchange.Syed Ali Koy: Current CEO of Nobitex, former Director of Product and Marketing. The United States sanctioned him as a senior company official.Volex: Iran’s second largest cryptocurrency exchange, accounting for approximately 12% of the country’s digital asset inflows in 2025. The United States claims it facilitated IRGC-related transactions.Bit pin: An Iranian cryptocurrency exchange received approximately 10% of Iran’s cryptocurrency inflows in 2025. U.S. authorities said the exchange handled IRGC-related trades, while some investors were reportedly linked to sanctions evasion activities.Ramz Nex: The Tehran-based cryptocurrency exchange was founded in 2018. The exchange has processed more than $2.45 billion in trades and has been accused by the United States of processing transactions related to the IRGC and government-backed financial institutions and facilitating sanctions evasion.

Why the U.S. Sanctions Iranian Cryptocurrency Companies

The sanctions were imposed after an investigation identified Nobitex as a key hub in a parallel financial system that handles hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC). The report also found that the exchange continued to operate during government-mandated internet shutdowns, processing millions of dollars in trades.“While Iran’s economy is in freefall, the regime has chosen to exploit digital asset technology to pursue its own corrupt agenda, including evading sanctions and moving wealth out of the country,” Treasury Secretary Scott Bessant said in a statement.The U.S. Treasury Department said Nobitex provided “significant support” to the Iranian government and facilitated “substantial” digital transactions related to the IRGC and the Central Bank of Iran.“After the United States began combat operations in Iran, Nobitex played a role in securing and moving assets and funds out of Iran to protect the Iranian regime’s wealth despite cyber outages,” the department said.U.S. officials have repeatedly argued that Iran relies heavily on cryptocurrencies and other digital assets to circumvent sanctions. Speaking at the Reagan National Economic Forum earlier this month, Bessant said, “We have seized approximately $1 billion in cryptocurrency.”The latest sanctions are part of a broader economic pressure campaign against Iran. The U.S. government also imposes secondary sanctions on countries, including allies and competitors, that do business with individuals, companies and vessels under Iranian control. Banks have also been warned not to handle Iranian funds.Tehran, meanwhile, has stopped communicating with mediators over a possible extension of a ceasefire in its conflict with the United States and Israel. However, US President Donald Trump disputed the report and said discussions were continuing.