Iran crypto curbs may push Hormuz payments into the shadows

Vijay Valecha, Mon, June 6, 2026 AGBI

US sanctions on Iranian crypto exchanges could push up shipping costs and drive Hormuz transit payments further underground, a leading lawyer has warned.

The US Office of Foreign Assets Control (OFAC) this week sanctioned Nobitex, Iran’s largest cryptocurrency exchange, along with three other Iranian crypto trading platforms.

OFAC accused the exchange of helping Tehran evade sanctions and facilitate transactions linked to the Islamic Revolutionary Guard Corps (IRGC).

It alleged that Nobitex processed more than 50 percent of all Iranian digital asset inflows in 2025 and helped regime insiders access international financial markets.

Iranian authorities have indicated they are willing to accept transit payments through cryptocurrencies, stablecoins and yuan-denominated transactions, creating new challenges for US sanctions enforcement.

Since mid-March dozens of vessels have rerouted north of the Strait of Hormuz through a so-called Tehran toll booth near Larak Island. Earlier in the conflict, Lloyd’s List reported that one vessel operator paid $2 million to secure passage.

The OFAC designation highlights concerns over alternative payment mechanisms being used by Tehran since the closure of Hormuz.

Vijay Valecha, of Dubai-based financial brokerage Century Financial, said sanctions do not always eliminate financial activity but can push it into less transparent channels as entities rebrand and find alternative routes to move funds.

Nobitex recovered after a cyberattack last year resulted in the loss of around $90 million in digital assets.

“Nobitex restarted operations after a major hack in June 2025,” Valecha said. “This makes strong compliance standards just as important as sanctions enforcement.”

Last month, the US said payments to Iranian authorities for transit through the chokepoint could expose shipping companies, insurers and financial institutions to sanctions risk.

The warning covered digital assets, stablecoins, informal swaps, barter arrangements and other in-kind transfers.

Secondary sanctions penalise foreign companies that facilitate prohibited transactions by restricting their access to US markets and the dollar-based financial system.

The US Treasury said Nobitex had facilitated transactions for wallets associated with IRGC-linked ransomware actors.

It also accused the exchange of helping the Central Bank of Iran access hundreds of millions of dollars in stablecoins and enabling regime insiders to use international exchanges despite sanctions restrictions.

“While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country,” US Treasury Secretary Scott Bessent said.

Valecha said the case highlighted how some crypto exchanges had evolved beyond retail trading venues into critical financial infrastructure.

“When a single platform handles the majority of a nation’s digital asset flows, it starts to resemble a correspondent bank or clearing house rather than a traditional exchange,” he said.

“In heavily sanctioned economies, these exchanges can perform functions traditionally associated with banks, facilitating cross-border payments, stablecoin transactions and access to international financial networks.”

Mullion said the designation could create fresh compliance risks for shipowners and legitimate digital asset operators if payments are pushed into increasingly opaque channels.

“That such new payment systems may disperse out into the established and legitimate crypto banking system means that those crypto operators will need to be ever more vigilant and take the appropriate action to prevent this,” he said.

AGBI