US Hits Iran’s Nobitex Exchange in Crypto Crackdown

US Sanctions Iran’s Largest Crypto Exchange Nobitex in Major ‘Economic Fury’ Crackdown

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Nobitex, Iran’s largest digital asset exchange, along with three other Iranian cryptocurrency platforms. This action is part of the Trump administration’s “Economic Fury” campaign, designed to intensify economic pressure on Tehran.

The Treasury’s sanctions target Nobitex, Wallex, Bitpin, and Ramzinex. U.S. officials allege that these exchanges have aided users in circumventing sanctions, facilitated financial activities connected to Iran, and processed transactions linked to the Islamic Revolutionary Guard Corps (IRGC).

In a statement released this week, Treasury Secretary Scott Bessent asserted that Iran has increasingly leveraged digital asset technologies to advance its “corrupt agenda,” which includes evading sanctions and moving wealth out of the country. He added that the Treasury would continue to monitor financial activities through both traditional banking channels and digital assets as part of the administration’s broader strategy to prevent Iran from developing nuclear weapons.

According to the Treasury, Nobitex handled over 50% of all Iranian digital asset inflows in 2025 and played a pivotal role in the nation’s crypto ecosystem. The agency accused the exchange of facilitating payments related to Iran’s terrorist activities, sanctions evasion efforts, and IRGC-connected transactions, including dealings with IRGC-affiliated ransomware actors. The Treasury also alleged that Nobitex assisted the Central Bank of Iran in accessing hundreds of millions of dollars in stablecoins used to support the Iranian rial, and enabled regime insiders to access international crypto exchanges across various jurisdictions.

The Treasury stated that Nobitex helped secure and move assets out of Iran, even amidst internet blackouts that occurred from the outset of the war. In addition to sanctioning the exchange itself, OFAC designated Amir Hossein Rad, Nobitex’s chairman, co-founder, and former CEO, along with several other company leaders and officials.

The agency’s findings indicate that Rad was instrumental in restoring Nobitex’s operations following a $90 million hack that the platform experienced in June 2025.

OFAC also sanctioned Nobitex co-founders Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, who are reportedly members of the Kharrazi family, described by the Treasury as being part of Supreme Leader Mojtaba Khamenei’s inner circle. Seyed Ali Khoee, the current CEO of Nobitex, was also designated.

Meanwhile, Wallex, identified as Iran’s second-largest digital asset exchange by volume, reportedly received 12% of Iranian digital asset inflows in 2025 and is alleged to have facilitated transactions linked to the IRGC. Bitpin accounted for 10% of Iranian digital asset inflows in 2025 and processed millions of dollars in transactions, including transfers purportedly connected to the IRGC. Some of Bitpin’s investors have also reportedly been linked to efforts to evade U.S. sanctions.

Ramzinex, an exchange founded in Tehran in 2018, has processed over $2.45 billion in transactions and is accused of facilitating transactions linked to the IRGC and an Iranian government-backed financial institution.