The United States imposes sanctions on Iran’s largest cryptocurrency exchange, Nobitex, along with three other Iranian digital asset exchanges, citing alleged links to the Islamic Revolutionary Guard Corps (IRGC) and related illicit finance activities. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) also designates several individuals associated with the targeted firms, including executives, alleging they help enable the Iranian government and blacklisted state institutions to circumvent Western sanctions and move value using crypto networks.
Multiple outlets report that the action follows investigative findings published earlier in May, which describe Nobitex as a central node in a parallel financial system. These reports allege the exchange processes large volumes of funds connected to Iran’s central bank and the IRGC. Sources also say Nobitex continued to process transactions even during an Iranian government internet shutdown.
Some reporting adds further detail about alleged ownership and control, including claims that Nobitex is associated with members of the Kharrazi family. The Treasury’s stated rationale is that the designations aim to disrupt alleged sanctions evasion and financing of militants through Iran’s crypto ecosystem.
