Nikolas Sargeant
TL;DR
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The U.S has sanctioned Nobitex, Iran’s largest cryptocurrency exchange, along with three other Iran-based trading platforms.
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Nobitex handled more than half of Iran’s crypto inflows last year, according to the U.S. Treasury.
The U.S. Treasury Department on Tuesday sanctioned Nobitex, Iran’s largest cryptocurrency exchange, along with three other Iran-based trading platforms, as part of the Trump administration’s “Economic Fury” campaign targeting Tehran’s financial infrastructure.
The move escalates Washington’s crackdown on crypto channels allegedly used to bypass sanctions and fund designated entities.
OFAC Accuses Nobitex of Processing Majority of Iran’s Crypto Flows
The Treasury’s Office of Foreign Assets Control (OFAC) said Nobitex played a central role in Iran’s digital asset ecosystem, claiming the exchange processed over 50% of all Iranian crypto inflows in 2025, and facilitated sanctions evasion and illicit transactions.
OFAC added that the exchange was linked to entities associated with Iran’s Islamic Revolutionary Guard Corps (IRGC)
The agency also sanctioned Nobitex leadership, including:
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Chairman and co-founder Amir Hossein Rad
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CEO Seyed Ali Khoee
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Co-founders Ali and Mohammad Kharrazi
The Kharrazi brothers were previously identified in a Reuters investigation as belonging to a politically connected Iranian family with ties to the country’s leadership structure.
U.S. Treasury Secretary Scott Bessent criticized the use of digital assets by sanctioned actors, stating:
“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.”
He previously pointed out that the U.S. has seized $1 billion in Iranian cryptocurrency assets, doubling previous estimates as Washington intensifies sanctions enforcement and expands its digital asset reserve.
The sanctions reflect growing U.S. concern over the role of crypto in cross-border financial activity outside traditional banking systems.
Additional Iranian Exchanges Also Targeted
Alongside Nobitex, OFAC designated three other Iranian exchanges: Wallex, Bitpin, and Ramzinex
The Treasury alleged these platforms facilitated transactions connected to the IRGC and other sanctioned entities.
Nobitex has long been considered the dominant crypto exchange in Iran’s domestic market and a key entry point for digital asset flows in the country.
Despite years of scrutiny from blockchain analytics firms and policymakers, the platform had previously avoided Western sanctions until this latest action.
