US sanctions target Iran's crypto lifeline, signaling a new front in financial warfare

US Treasury designated Nobitex, Iran's largest crypto exchange, along with Wallex, Bitpin and Ramzinex, accusing Nobitex of handling more than half of Iran's 2025 digital-asset inflows and aiding IRGC-linked transactions, sanctions evasion and access to stablecoins. The move shows crypto can create alternative channels outside traditional finance but also raises enforcement challenges as Iran explores peer-to-peer trading and other crypto routes, while Washington seeks international cooperation to curb such activity.