Treasury sanctions Iran’s largest crypto exchange Nobitex

The U.S. Treasury Department has imposed comprehensive sanctions against Iran's cryptocurrency exchange infrastructure, targeting Nobitex and three additional digital asset platforms as part of a coordinated effort to restrict Tehran's access to financial systems. Treasury Secretary Scott Bessent characterized the action as a response to Iran's weaponization of digital asset technologies, stating: "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."

Nobitex emerged as the primary target due to its dominant position in Iran's digital asset ecosystem. According to Treasury data, the platform processed over 50% of all Iranian digital asset inflows during 2025, establishing it as a critical conduit for financial flows through the Iranian financial system. Beyond volume metrics, OFAC alleged that Nobitex facilitated payments directly tied to the Islamic Revolutionary Guard Corps, including transactions routed through wallets controlled by IRGC-affiliated ransomware actors engaged in illicit cyber operations.

A particularly significant alleged function involved the exchange's role in currency stabilization efforts. Treasury contends that Nobitex enabled Iran's central bank to access hundreds of millions of dollars in stablecoins—a mechanism designed to provide emergency liquidity support to the deteriorating Iranian rial. Additionally, the platform reportedly served as a gateway infrastructure allowing regime insiders and government officials to access international cryptocurrency exchanges while circumventing existing sanctions regimes across multiple jurisdictions.

The enforcement action extended to senior leadership across the sanctioned exchanges. OFAC designated Amir Hossein Rad, the exchange's chairman and co-founder, along with additional co-founders identified as members of the Kharrazi family—individuals described as part of Supreme Leader Khamenei's inner political circle. Current CEO Seyed Ali Khoee was also designated. Significantly, Rad had overseen operational continuity at Nobitex following a major security breach that resulted in a $90 million theft in June 2025. Beyond Nobitex, Treasury sanctioned Wallex, identified as Iran's second-largest exchange, which captured 12% of Iranian digital asset inflows in 2025 and facilitated multiple IRGC-linked transactions.

The enforcement action reflects an escalation in U.S. targeting of Iran's alternative financial infrastructure, particularly mechanisms that circumvent traditional banking sanctions. The designation prohibits U.S. persons and entities from transacting with the sanctioned platforms, their founders, and affiliated personnel.