The U.S. Treasury Department sanctioned Nobitex, Iran's largest cryptocurrency exchange, and three other Iran-based digital asset platforms. According to the Treasury Department's Office of Foreign Assets Control (OFAC), Nobitex processed more than 50% of Iran's digital asset inflows in 2025 and allegedly facilitated transactions linked to sanctions evasion, terrorist financing, and the Islamic Revolutionary Guard Corps (IRGC). The sanctions form part of the Trump administration's 'Economic Fury' campaign, which aims to disrupt financial channels that Washington believes are being used to support sanctioned entities and activities linked to the Iranian government.
OFAC Alleges Nobitex Processed Over Half of Iran's 2025 Crypto Inflows
OFAC stated that Nobitex played a dominant role in Iran's crypto market and processed more than half of all Iranian digital asset inflows during 2025. U.S. authorities allege that the exchange facilitated sanctions evasion, terrorist financing, and transactions connected to Iran's Islamic Revolutionary Guard Corps (IRGC), an organization that is heavily sanctioned by the United States. The Treasury Department described Nobitex as a cornerstone of Iran's digital asset ecosystem that previously avoided direct Western sanctions despite growing scrutiny from lawmakers and blockchain analytics firms.
U.S. Sanctions Target Nobitex Executives and Co-Founders
The sanctions target several people associated with Nobitex. Among those designated are chairman and co-founder Amir Hossein Rad, current CEO Seyed Ali Khoee, and co-founders Ali and Mohammad Kharrazi. The Kharrazi brothers are members of one of Iran's most influential political families. A recent Reuters investigation reported that they are related to Iran's supreme leadership and alleged that hundreds of millions of dollars tied to sanctioned Iranian entities moved through the exchange.
Treasury Secretary Links Iran's Crypto Use to Sanctions Evasion
Treasury Secretary Scott Bessent stated that despite Iran's worsening economic conditions, the government embraced digital asset technologies as a tool to bypass international restrictions and move wealth beyond the reach of sanctions. He argued that cryptocurrencies have become an important component of Tehran's efforts to maintain access to global financial networks despite mounting economic pressure.
Three Additional Iranian Exchanges Sanctioned Alongside Nobitex
In addition to Nobitex, the Treasury Department sanctioned three other Iranian cryptocurrency exchanges: Wallex, Bitpin, and Ramzinex. U.S. officials claim these platforms also facilitated transactions involving the IRGC and other sanctioned organizations. The move is an escalation in Washington's efforts to target Iran's cryptocurrency sector.
FAQ
What did the U.S. Treasury Department sanction Nobitex for?
The U.S. Treasury Department sanctioned Nobitex for allegedly facilitating transactions linked to sanctions evasion, terrorist financing, and the Islamic Revolutionary Guard Corps (IRGC). OFAC stated that Nobitex processed more than 50% of Iran's digital asset inflows in 2025.
Who are the Nobitex executives sanctioned by the United States?
The sanctioned individuals include Amir Hossein Rad (chairman and co-founder), Seyed Ali Khoee (current CEO), and co-founders Ali and Mohammad Kharrazi. The Kharrazi brothers are members of one of Iran's most influential political families and are related to Iran's supreme leadership according to a Reuters investigation.
Which other Iranian cryptocurrency exchanges were sanctioned alongside Nobitex?
The U.S. Treasury Department sanctioned three other Iranian cryptocurrency exchanges: Wallex, Bitpin, and Ramzinex. U.S. officials claim these platforms also facilitated transactions involving the IRGC and other sanctioned organizations.
