Treasury Sanctions Iranian Crypto Exchanges for Terrorist Financing and Sanctions Evasion
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has designated Nobitex, Iran’s largest digital asset exchange, along with three other Iranian cryptocurrency platforms, alleging they facilitated terrorist financing and sanctions evasion.
According to the Treasury Department, Nobitex processed over half of all digital asset inflows into Iran in 2025 and was instrumental in payments linked to Iran’s terrorist activities, efforts to circumvent sanctions, and transactions involving entities affiliated with the Islamic Revolutionary Guard Corps (IRGC), including IRGC-linked ransomware operators. The exchange also allegedly assisted the Central Bank of Iran in accessing hundreds of millions of dollars in stablecoins, which were used to support the depreciating value of the Iranian rial, the Treasury stated in its sanctions announcement.
Wallex, identified as Iran’s second-largest digital asset exchange by volume, handled 12% of Iranian digital asset inflows in 2025. Bitpin, responsible for 10% of these inflows, was sanctioned due to investors reportedly connected to Iranian sanctions evasion schemes. Ramzinex, a Tehran-based digital asset exchange established in 2018, reportedly processed more than $2.45 billion in transactions.
In addition to the exchanges, the Treasury Department also sanctioned four individuals associated with Nobitex. These include chairman and co-founder Amir Hossein Rad, who was involved in re-establishing operations after a significant hack in June 2025 that resulted in a $90 million loss. Two co-founders, Seyed Mohammad Ali Aghamir and Seyed Mohammad Aghamir Mohammad Ali, are reportedly members of the Kharrazi family, a group with close ties to Supreme Leader Khamenei’s inner circle. The current CEO of Nobitex, Seyed Ali Khoee, who previously held the position of director of product and marketing, was also designated.
These sanctions, announced on Monday, represent the latest action in the Treasury’s ongoing campaign targeting Iranian cryptocurrency assets. Treasury Secretary Scott Bessent stated last week that his department has seized approximately $1 billion in cryptocurrency from Iranian exchanges and wallets since the commencement of its enforcement efforts against Iran. In April, Tether froze $344.2 million in stablecoins held in two wallets attributed to the Central Bank of Iran.
“As promised, Treasury will continue to follow the money in support of Economic Fury, whether it is through the banking system or through digital assets, to prevent the regime from developing a nuclear weapon,” Bessent said in the Treasury statement.
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