Central Bank of Iran Governor Abdolnasser Hemmati denies that the crypto exchanges and wallets targeted by US Treasury sanctions have any connection to Tehran, even as Treasury has frozen more than $130 million in digital assets tied to Iran since July 2026. The dispute deepened on August 7, when Treasury sanctioned two more Iranian exchanges.
Hemmati, who took over as Central Bank of Iran governor in late December 2025, says the sanctioned platforms have no operational link to the Iranian state and that Tehran still controls its funds regardless of Washington's moves. Treasury's own record contradicts both claims.
Three sanctions rounds in three months
In June 2026, Treasury sanctioned Nobitex, Iran's largest cryptocurrency exchange, accusing it of processing transactions on behalf of the Central Bank of Iran and the Islamic Revolutionary Guard Corps, a group the US designates as a foreign terrorist organization. The next month, Treasury sanctioned four wallets it linked to the CBI, and Tether froze about $131 million in digital assets tied to those addresses. Then, on August 7, Treasury sanctioned two additional Iranian exchanges under what it calls the "Economic Fury" initiative.
Hemmati's claims collide with the record
Hemmati's defense rests on two points: that the sanctioned exchanges have no ties to the government, and that Iran retains control of its money. Treasury's case against Nobitex directly contradicts the first claim, alleging the exchange processed transactions benefiting sanctioned state entities. The second claim runs into a simpler problem: money Tether freezes at Treasury's request is money Iran no longer controls.
Stablecoins as a sanctions chokepoint
Tether's willingness to freeze funds on a government request reinforces a pattern built over years: stablecoin issuers function as de facto compliance arms of the US financial system, and any exchange or wallet that touches USDT is, in practice, subject to US enforcement. The Nobitex case stands out because it targeted what was reportedly Iran's largest exchange rather than a peripheral platform. Treasury has now sanctioned exchanges, wallets and the central bank itself in three separate rounds over three months.
Source: Crypto Briefing
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