Iranian crypto platforms reassure users as US slaps new sanctions
Iran’s Information and Communications Technology Guild Organization (Nasr) and four sanctioned Iranian cryptocurrency exchanges said US sanctions imposed this week would not affect users’ assets or disrupt services, adding that the measures had been anticipated and necessary safeguards were already in place.
The statements came after the US Treasury Department on Tuesday added Iran’s four biggest cryptocurrency exchanges — Nobitex, Wallex, Bitpin and Ramzinex — to its sanctions list under a new round of measures against Iran. The sanctions also target several Nobitex executives.
The US Office of Foreign Assets Control (OFAC) accused the four Iranian digital asset platforms of enabling the Iranian government and blacklisted state institutions to circumvent Western sanctions.
Nasr said “technical and expert assessments” showed the sanctions had so far had no impact on the security of users’ assets or the quality of services provided by the platforms. The organization added that the exchanges continued to operate normally and that their technical and security infrastructure had been designed to withstand foreign pressure.
"The four cryptocurrency exchange platforms mentioned in the recent report continue to provide stable and secure services to their users as before," the organization said. "The security architecture and technical layers used for asset custody, including storage in cold and multi-signature wallets and other technical measures, have been designed to ensure maximum resilience against external shocks and pressures. Users’ assets belong to them, and no announcement can alter or threaten citizens’ legal ownership of their property."
Anticipated move
The four exchanges also said in separate statements that their services would continue uninterrupted, that the sanctions had been foreseeable, and that necessary precautions had been taken. They urged users not to worry about their assets.
Nobitex said it had anticipated sanctions scenarios years ago and had already designed and implemented the necessary technical and operational measures. The exchange said protecting user assets had always been its top priority.
Wallex said user assets are held in secure, isolated wallets and that the latest sanctions would have no impact on user ownership or platform operations. Bitpin said precautionary measures had been implemented months ago and that deposits, withdrawals and trading remain available.
Legal action
Ramzinex said the sanctions were not unexpected and that its infrastructure had been designed with such scenarios in mind, while rejecting rumors of government ties and describing itself as a private independent startup pursuing legal action.
Separately, the Iran Fintech Association expressed support for domestic exchanges, saying the addition of several exchanges to the sanctions list does not mean users themselves have been sanctioned or that ownership of their assets has changed. The association called on media to clearly distinguish between sanctions on entities and the status of users to avoid unnecessary concern and preserve public confidence.