The U.S. Treasury Department sanctioned four Iran-based digital asset exchanges: Nobitex, Bitpin, Ramzinex, and Wallex, according to Al Arabiya. Nobitex, Iran’s largest digital asset exchange, was also sanctioned for facilitating financial transactions to evade sanctions, as reported by Times of Israel. The chairman and co-founder of Nobitex, Amir Hossein Rad, was sanctioned individually, according to GDELt. Foreign financial institutions and individuals may also be sanctioned if they engage in certain transactions with the four sanctioned exchanges, Al Arabiya reported.

Nobitex processed more than half of Iran's digital asset income last year, according to GDELt, and played a key role in facilitating financial transactions for the IRGC and Iranian central bank, Times of Israel reported. Nobitex is alleged to have been used to move assets out of Iran after U.S. military operations began, according to GDELt, and continued operating during a government-imposed internet shutdown, processing millions of dollars in transactions, the Hindu reported.

Treasury Secretary Scott Bessent said Iran’s economy is in free fall and attributed Iran’s economic conditions to the Trump administration’s sanctions policy, according to Al Arabiya. The sanctions were imposed as Washington seeks to push Iran toward an agreement to end its conflict with the United States and Israel, according to GDELt.