LONDON, June 2 - The United States on Tuesday imposed sanctions on Nobitex, described by U.S. officials as Iran's largest cryptocurrency exchange, accusing the platform of enabling the Iranian government and sanctioned state bodies to evade Western restrictions.
The Treasury's designation singles out the exchange for allegedly facilitating a substantial volume of digital transactions linked to Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC). The move comes after a May 1 investigation that documented how Nobitex had become a central node within a parallel financial system, processing what investigators said amounted to hundreds of millions of dollars for state institutions.
In its announcement, the U.S. Treasury said Nobitex provided "significant support" to the government and played a role in transferring and protecting assets overseas, even during periods when Iran imposed internet shutdowns. The Treasury also said that "following the commencement of U.S. combat operations in Iran, Nobitex played a role in protecting and moving assets and funds out of Iran to shield regime wealth despite internet blackouts."
Treasury Secretary Scott Bessent was quoted in the statement describing how Iran's authorities have repurposed digital asset technologies amid an economy the statement characterized as "in free fall," saying the regime used these technologies to "evad[e] sanctions and transfer wealth out of the country."
Alongside the exchange, the U.S. announced individual sanctions on the exchange's chief executive officer, Amir Hossein Rad, and on two brothers identified as Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali. The Treasury said the two brothers control Nobitex; corporate records cited in the earlier investigation showed the siblings appear under a surname not commonly used by other family members when the exchange was founded.
The investigation referenced in the U.S. action reported that the brothers are members of the Kharrazi family, which it described as one of the Islamic Republic's most powerful dynasties, and noted close ties between those controlling the exchange and Iran's new supreme leader.
Nobitex was not reachable for comment at the time the sanctions were announced, which occurred after normal business hours in Iran. In an emailed statement to reporters in April, however, the exchange denied direct government ties and said it did not assist the state. The company asserted that any illicit funds passing through the platform had done so without management approval or awareness, and it denied that the two brothers had ever used an alternative identity or changed their identity.
Context and implications
The Treasury's move targets what it describes as an infrastructure enabling state-linked institutions to bypass sanctions and move funds internationally. The designation names specific individuals and the exchange's CEO, tying operational leadership to the activity cited by U.S. authorities. The action follows public reporting that positioned Nobitex at the center of a system processing large sums on behalf of Iran's central bank and the IRGC, and that the exchange continued transaction activity through internet outages.
The enforcement step signals U.S. intent to disrupt channels alleged to support sanctioned entities, and it attaches individual accountability to executives and owners tied to the platform.