The United States recently imposed sanctions on Iran’s largest cryptocurrency exchange, Nobitex, accusing it of helping the Iranian government and sanctioned state institutions evade Western restrictions.
The US Treasury Department said Nobitex had provided significant support to the Iranian government and facilitated a substantial number of digital transactions linked to Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC), both of which are subject to U.S. sanctions.
Treasury Secretary Scott Bessent said Iran had used digital asset technologies to evade sanctions and move wealth out of the country despite mounting economic pressures.
The sanctions also target Nobitex Chief Executive Officer Amir Hossein Rad and two brothers identified by the Treasury as Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali.
According to the Treasury, Nobitex played a role in protecting and moving assets out of Iran after the start of U.S. military operations against the country, helping shield regime wealth despite internet blackouts.
The move follows a Reuters investigation published on May 1 that identified Nobitex as a central part of a parallel financial network allegedly used to process hundreds of millions of dollars for Iran’s central bank and the IRGC. The investigation also reported that the exchange continued processing transactions during a government-imposed internet shutdown.
Reuters reported that Nobitex was controlled by two brothers from the influential Kharrazi family, which has close ties to Iran’s current leadership. Corporate records reviewed by Reuters showed the brothers were listed under a less commonly used surname when the exchange was established.
Nobitex denied direct links to the Iranian government in an earlier statement to Reuters and said any illicit transactions conducted through the platform occurred without the knowledge or approval of its management. The company also denied that the two brothers had changed or concealed their identities.
Following the sanctions announcement, Nobitex told customers in a statement on its Telegram channel that it had long anticipated sanctions-related challenges because of the difficulties faced by Iranian businesses operating internationally.
The exchange said it had already made the necessary technical and operational preparations to address such circumstances.
The sanctions come amid heightened tensions between Washington and Tehran and form part of broader U.S. efforts to restrict financial networks accused of supporting Iran’s government and military institutions.
