What happened
According to TRM Labs, the targeted platforms controlled 78% of Iran's domestic trading volume in 2025.
Why it matters
The sanctions target key liquidity nodes in Iran's crypto market, creating serious legal risks for any international counterparts working with these platforms.
The U.S. Office of Foreign Assets Control (OFAC) has added four cryptocurrency exchanges based in Iran to its sanctions list. According to a report by analytics firm TRM Labs, these platforms collectively accounted for 78% of all trading volume in the country's domestic market in 2025.
The new measures extend secondary sanctions to non-U.S. financial institutions under Executive Order 13902. This means that any foreign organizations interacting with these exchanges could themselves face regulatory action.
This decision is part of a series of three enforcement layers implemented over the past five months. The information source is limited to metadata from a single primary publisher, so independent confirmation of operational details is currently unavailable.
Confirmed facts
- OFAC added four Iranian crypto exchanges to its sanctions list.
- According to TRM Labs data, the specified exchanges covered 78% of Iran's trading volume in 2025.
- The measures extend secondary sanctions to non-U.S. institutions under Executive Order 13902.
- The information was published by TRM Labs on June 3, 2026.
Context
The decision was made in the context of tightening pressure on Iran's financial sector through digital asset control mechanisms. Executive Order 13902 has previously been used to restrict Iranian entities' access to the global financial system.
What remains unknown
- What are the specific names of the four affected exchanges?
- Will other independent sources confirm the 78% market share data?
- How exactly will the blocking of transactions for non-U.S. participants be technically implemented?
AI analysis
Confidence: medium
The selection of targets controlling the overwhelming majority of the market indicates a strategy of maximum pressure on infrastructure rather than individual users. The lack of independent correlation in sources requires caution when interpreting exact volume figures, although the fact of sanctions itself is highly probable given U.S. policy.
Strategic AI conclusion
A substantial decrease in liquidity in Iran's domestic market and an increase in risk premiums for remaining platforms are expected. The next observable signal will be the reaction of major offshore market makers to the new restrictions. The main uncertainty relates to the ability of Iranian operators to quickly migrate to decentralized protocols or create new legal shells.