The United States announced sanctions on Iran’s biggest cryptocurrency exchange, Nobitex, on Tuesday, accusing it of helping the Iranian government and blacklisted institutions bypass Western sanctions.
The Treasury Department said Nobitex processed hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps, the IRGC. This follows a Reuters investigation from May 1 that exposed how the exchange became a central node in a parallel financial system.
“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,” Treasury Secretary Scott Bessent said.
The exchange, founded by two brothers from the powerful Kharrazi family, reportedly shielded regime assets during internet shutdowns and after US combat operations began. Also sanctioned were the brothers, Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, and the CEO, Amir Hossein Rad.
Nobitex, which could not immediately be reached for comment, has previously denied any direct government connections. It said illicit funds moved without management approval.