Key facts
- US Treasury sanctioned Nobitex, Iran's largest crypto exchange.
- Nobitex CEO Amir Hossein Rad and two controlling brothers were also sanctioned.
- Nobitex is accused of facilitating hundreds of millions of dollars for Iran's central bank and the IRGC.
- Sanctions aim to prevent Iran from circumventing Western sanctions and moving wealth out of the country.
- Wallex, Bitpin, and Ramzinex were also designated by the US Treasury.
- The US has seized approximately $1 billion in Iranian cryptocurrency.
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated Nobitex, Iran's largest digital asset exchange, along with three other Iranian crypto platforms: Wallex, Bitpin, and Ramzinex. The sanctions also target Nobitex's CEO, Amir Hossein Rad, two co-founders identified as members of the Kharrazi family, and the exchange's current CEO, Seyed Ali Khoee. According to OFAC, Nobitex processed over 50% of all Iranian digital asset inflows and served as a conduit for payments tied to Iran's Islamic Revolutionary Guard Corps (IRGC), ransomware operations, and attempts to shield regime wealth. Wallex, the second-largest exchange, captured 12% of inflows and also facilitated IRGC-linked transactions, while Bitpin (10% of inflows) has investors with alleged ties to sanctions evasion. Ramzinex processed over $2.45 billion in transactions, including payments for a government-backed financial institution. Treasury Secretary Scott Bessent stated that Iran's regime is co-opting digital asset technologies for its corrupt agenda to evade sanctions. The US has seized approximately $1 billion in Iranian cryptocurrency, and Tether recently froze $344.2 million in Iranian sovereign crypto reserves. These actions signal a pivot towards holding individuals accountable, which analysts believe carries greater deterrent weight.