The U.S. Treasury Department on Tuesday sanctioned Nobitex, Iran's largest crypto exchange, along with three other trading platforms based in the country. The action is part of the Trump administration's 'Economic Fury' campaign against Tehran's financial networks. The Treasury's Office of Foreign Assets Control (OFAC) said Nobitex processed over 50 percent of all Iranian digital asset inflows in 2025 and was a key player in sanctions evasion, terrorist financing, and transactions linked to Iran's Islamic Revolutionary Guard Corps. Nobitex has long been a keystone of Iran's crypto ecosystem and remained outside Western sanctions despite scrutiny from blockchain analytics firms and lawmakers.
OFAC Sanctions Nobitex Leadership and Co-Founders
Treasury extended sanctions upon Nobitex's chairman and co-founder Amir Hossein Rad, current CEO Seyed Ali Khoee, and co-founders Ali and Mohammad Kharrazi. The Kharrazi brothers are from one of Iran's most politically connected families.
Reuters Investigation Linked Kharrazi Brothers to Iran's Supreme Leadership
A Reuters investigation published last month identified the Kharrazi brothers as relatives of Iran's supreme leadership. The investigation reported that hundreds of millions of dollars tied to sanctioned Iranian entities had moved through their exchange.
Treasury Secretary Bessent Addresses Iran's Crypto Use
'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,' Treasury Secretary Scott Bessent said in a statement.
Treasury Designates Three Additional Iranian Exchanges
Treasury also designated Iranian exchanges Wallex, Bitpin, and Ramzinex. OFAC alleged the platforms facilitated transactions to the IRGC and other sanctioned entities.
U.S. Seizure of Iranian Crypto Assets Reaches Nearly $500 Million
This action comes less than a week after Bessent said the United States had seized roughly $1 billion in Iranian crypto, up from an estimated $500 million that was disclosed in late April. Treasury's announcement Tuesday, however, pointed back to the previous estimates of 'nearly $500 million' in crypto assets seized.
FAQ
What did the U.S. Treasury sanction on Tuesday?
The U.S. Treasury Department on Tuesday sanctioned Nobitex, Iran's largest crypto exchange, along with three other Iranian trading platforms (Wallex, Bitpin, and Ramzinex) as part of the 'Economic Fury' campaign. OFAC also sanctioned Nobitex's chairman Amir Hossein Rad, CEO Seyed Ali Khoee, and co-founders Ali and Mohammad Kharrazi.
Why did OFAC target Nobitex?
OFAC said Nobitex processed over 50 percent of all Iranian digital asset inflows in 2025 and was a key player in sanctions evasion, terrorist financing, and transactions linked to Iran's Islamic Revolutionary Guard Corps. A Reuters investigation published last month reported that hundreds of millions of dollars tied to sanctioned Iranian entities had moved through the exchange.
How much Iranian crypto has the U.S. seized?
Less than a week before Tuesday's announcement, Treasury Secretary Bessent said the United States had seized roughly $1 billion in Iranian crypto, up from an estimated $500 million disclosed in late April. Treasury's Tuesday announcement referenced the previous estimate of 'nearly $500 million' in seized crypto assets.
