PANews reported on June 3 that, according to The Block, the U.S. Treasury Department imposed sanctions on Nobitex, Iran's largest cryptocurrency exchange, and three other domestic trading platforms on Tuesday as part of the Trump administration's "economic rage" campaign against Iranian financial networks. The Treasury Department's Office of Foreign Assets Control (OFAC) stated that Nobitex will handle more than 50% of all digital asset inflows into Iran by 2025 and plays a key role in sanctions circumvention, terrorist financing, and transactions linked to the Iranian Islamic Revolutionary Guard Corps. The sanctions also extend to Nobitex's chairman and co-founder, current CEO, and two co-founders. The Treasury Department also sanctioned Wallex, Bitpin, and Ramzinex, accusing them of facilitating transactions for the Revolutionary Guard and other sanctioned entities.

Less than a week before the sanctions were announced, the U.S. Treasury Secretary stated that the U.S. had seized approximately $1 billion in Iranian crypto assets, but the figure in Tuesday's announcement remains at the previous estimate of nearly $500 million, indicating a discrepancy.