The US Treasury Department has imposed sanctions on Nobitex, Iran’s largest cryptocurrency exchange, along with three other Iranian digital asset trading platforms, intensifying Washington’s
The US Treasury Department has imposed sanctions on Nobitex, Iran’s largest cryptocurrency exchange, along with three other Iranian digital asset trading platforms, intensifying Washington’s crackdown on Tehran’s financial networks. The move marks the latest escalation in efforts to pressure Iran’s access to the global financial system via digital currencies.
The Office of Foreign Assets Control (OFAC), a division of the US Treasury, reported that Nobitex handled more than half of all digital asset inflows into Iran in 2025. US officials claim the exchange facilitated sanctions evasion, financed terrorism, and enabled transfers linked to the Islamic Revolutionary Guard Corps (IRGC).
Mini glossary: OFAC is the branch of the US Treasury that implements and manages sanctions programs and lists. Its decisions can severely restrict the sanctioned individuals’ and firms’ access to any US-linked financial networks.
According to US authorities, Nobitex holds a dominant position in the Iranian crypto market, processing over half of the country’s digital asset inflows throughout 2025.
The sanctions extend beyond companies. Nobitex chairman and co-founder Amir Hossein Rad, current CEO Seyed Ali Khoee, and co-founders Ali and Mohammad Kharrazi have also been blacklisted. US officials cited the Kharrazi brothers’ ties to an influential Iranian political family.
TargetTypeUS rationaleNobitexCryptocurrency exchangeSuspected sanctions evasion, Iran-linked transactionsWallex, Bitpin, RamzinexIran-based platformsAlleged ties to sanctioned entitiesNobitex executives and foundersIndividualsListed over company-related activitiesUS Treasury Secretary Scott Bessent argued that despite Iran’s economic deterioration, Tehran’s leadership has embraced digital asset technologies to bypass international restrictions and shield its wealth from sanctions. Bessent emphasized that cryptocurrencies have become a vital tool for Iran to maintain a connection to global financial networks under mounting economic pressure.
Scott Bessent explained that Iran is leveraging digital assets to sidestep international limits and move its wealth out of reach of sanctions, despite worsening economic conditions.
A recent Reuters investigation suggested that hundreds of millions of dollars linked to sanctioned Iranian entities may have moved through Nobitex. The report also alleged that the individuals involved maintain close relationships with Iran’s elite political circles.
Wallex, Bitpin, and Ramzinex have also been sanctioned alongside Nobitex. US officials allege these platforms have facilitated transactions tied to the IRGC and other designated Iranian groups under sanction.
This marks a significant escalation in Washington’s direct actions against Iran’s crypto sector. Nobitex has long been seen as a central pillar within Iran’s digital asset ecosystem and, until now, had avoided direct Western sanctions despite rising scrutiny.
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