US sanctions Iran's largest crypto exchange Nobitex over IRGC ties

The United States has imposed sanctions on Nobitex, Iran's largest cryptocurrency exchange, in a move that significantly expands Washington's efforts to disrupt Tehran's financial networks and its ability to circumvent Western sanctions. The action, announced by the US Treasury Department on Tuesday, accuses Nobitex of facilitating transactions for the Iranian government, the Central Bank of Iran and the Islamic Revolutionary Guard Corps (IRGC), a powerful military force that has long been subject to US sanctions.

The sanctions follow a Reuters investigation published in May, which found that Nobitex had become a key component of a parallel financial system processing hundreds of millions of dollars for Iranian state-linked institutions. It was also reported that the platform continued processing transactions during government-imposed internet shutdowns in Iran. "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," US Treasury Secretary Scott Bessent said in a statement.

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Reuters Investigation Put Nobitex Under the Spotlight

Nobitex emerged as a central hub for digital asset transactions linked to Iran's sanctioned entities, including the IRGC and the country's central bank. The Treasury said, “Nobitex has provided significant support to the regime, processing more than 50 percent of all Iranian digital asset inflows in 2025 and facilitating payments tied to Iran’s terrorist activities, sanctions evasion efforts, and Islamic Revolutionary Guard Corps (IRGC)-linked transactions, including activity associated with IRGC-affiliated ransomware actors. Nobitex also helped the Central Bank of Iran access hundreds of millions of dollars in stablecoins used to prop up the plummeting value of the Iranian rial, while enabling regime insiders to access international digital asset exchanges and evade sanctions across multiple jurisdictions.”

The sanctions also target Nobitex chief executive Amir Hossein Rad and two brothers from the influential Kharrazi family, Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, whom US authorities say exercised control over the exchange. The exchange was founded in 2018 by the brothers, who used the family surname Aghamir in public records. They belong to the influential Kharrazi family, which has held senior religious and political positions across Iran’s Islamic Republic. Reports indicate the dynasty is connected by marriage to all three supreme leaders, embedding it within the country’s ruling establishment

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Wider Crypto Sanctions Campaign

The Treasury's action extended beyond Nobitex. Washington also sanctioned three other Iran-based cryptocurrency exchanges, Bitpin, Ramzinex and Wallex, alongside four Iranian nationals. The Treasury warned that foreign financial institutions and individuals could face sanctions if they conduct certain transactions with the designated exchanges.

Nobitex has denied direct government connections and previously told Reuters it did not assist the Iranian state. The company said any illicit transactions conducted through its platform occurred without the knowledge or approval of its management.

The sanctions require all property and assets belonging to the designated individuals or entities that are located in the United States, or held by US persons, to be frozen and reported to the US Treasury's Office of Foreign Assets Control (OFAC). The restrictions also extend to any company owned 50 per cent or more, directly or indirectly, by sanctioned persons. Unless specifically authorised by OFAC, US individuals and businesses are generally prohibited from conducting any transactions involving the property or financial interests of those placed under sanctions.