The United States has imposed new sanctions on Nobitex, Iran’s largest cryptocurrency exchange, accusing the platform of helping Tehran bypass international financial restrictions through digital assets.
The U.S. Treasury Department announced the sanctions on June 2 as part of a broader effort to curb Iran’s use of cryptocurrency networks. Officials claim Nobitex played a key role in facilitating transactions linked to sanctioned Iranian entities, including the Islamic Revolutionary Guard Corps (IRGC) and the country’s central bank.
Treasury Targets Nobitex Leadership
The sanctions extend beyond the exchange itself. U.S. authorities also designated Nobitex CEO Amir Hossein Rad and several individuals allegedly connected to the company’s ownership and operations.
Treasury Secretary Scott Bessent stated that Iran has increasingly turned to digital assets to move money across borders while avoiding traditional financial restrictions. According to U.S. officials, cryptocurrency has become an important tool for maintaining access to global markets despite ongoing sanctions.
Reuters Report Added Pressure
The Treasury’s action follows a Reuters investigation published in May. The report described Nobitex as a major component of a parallel financial network allegedly used by Iranian state-linked organizations.
Reuters claimed the exchange processed hundreds of millions of dollars in cryptocurrency transactions for government-connected institutions. The report also alleged that members of the influential Kharrazi family played a role in founding and controlling the platform.
In addition to Nobitex, the Treasury sanctioned three other Iran-based crypto exchanges:
- Bitpin
- Ramzinex
- Wallex
U.S. officials warned that foreign companies and individuals could face secondary sanctions if they conduct certain transactions involving the designated exchanges.
Growing Focus on Crypto Sanctions
Nobitex has repeatedly denied having direct ties to the Iranian government. The exchange has also argued that any unlawful activity on its platform occurred without management’s knowledge.
The latest move highlights Washington’s increasing focus on cryptocurrency sanctions enforcement. Regulators and blockchain analytics firms continue to warn that sanctioned states and state-linked actors are using digital assets to transfer funds internationally, making crypto exchanges a growing target for global regulators.
