The initiative is part of the Trump administration's campaign against Tehran's financial networks known as "Economic Fury." The Treasury Department emphasized that over 50% of all digital assets in the country went through Nobitex in 2025. They described the exchange as a key element in circumventing sanctions and aiding the IRGC. Sanctions also apply to Nobitex's chairman and co-founder Amir Hossein Rad, current CEO Seyed Ali Hoee, and co-founders Ali and Mohammad Kharrazi, who have family ties to key political families in Iran. The Treasury also imposed sanctions on other Iranian exchanges—Wallex, Bitpin, and Ramzinex. Last week, US Treasury Secretary Scott Bessent announced the confiscation of $1 billion in cryptocurrency from Iran.