US Slaps Sanctions on Iran’s Largest Crypto Exchange
The United States has imposed stringent sanctions on Nobitex, Iran’s largest cryptocurrency exchange, accusing the platform of helping the Iranian government circumvent Western economic sanctions.
The move was confirmed in an official statement issued by the U.S. Department of the Treasury on Tuesday. According to U.S. authorities, the exchange was used by the Iranian government and several blacklisted state-linked entities to conduct cryptocurrency transactions worth millions of dollars while evading international sanctions.
The sanctions follow an investigative report published by Reuters on May 1. The report presented evidence alleging that Nobitex had become a central component of an alternative financial network in Iran and had facilitated transactions worth hundreds of millions of dollars for the country’s central bank and the Islamic Revolutionary Guard Corps (IRGC). The report further alleged that the platform continued operating and processing transactions worth millions of dollars even during recent nationwide internet shutdowns imposed by the Iranian government.
In a statement, newly appointed U.S. Treasury Secretary Scott Bessent said, “When Iran’s economy is facing severe decline, the country’s ruling establishment has chosen digital cryptocurrency technology as a tool to advance its corrupt agenda, evade international sanctions, and move money out of the country.”
The Reuters investigation also alleged that Nobitex was secretly controlled by two brothers from the influential Kharazi family, which is considered close to Iran’s highest leadership. According to corporate records cited in the report, the brothers allegedly concealed their family surname during the establishment of the exchange and used a pseudonym not commonly associated with their family.
The U.S. Treasury Department stated that, in addition to sanctioning Nobitex itself, it has individually blacklisted the exchange’s alleged principal operators, Seyyed Mohammad Ali Aghamiri Mohammad Ali and Seyyed Mohammad Aghamiri Mohammad Ali. Sanctions were also imposed on the exchange’s current Chief Executive Officer, Amir Hossein Rad.
According to the U.S. administration, Nobitex continued to serve as a channel for safeguarding and transferring significant assets belonging to senior Iranian figures despite internet disruptions following recent U.S. military operations involving Iran.
As the sanctions were announced during late-night hours in Iran, no immediate response was available from Nobitex. However, in an email sent to Reuters in April, the company denied having any direct institutional ties with the Iranian government and rejected allegations that it had provided unlawful assistance to the state.
The exchange maintained that any illicit transactions conducted through its platform, if any occurred, were carried out without the knowledge or authorization of the company. Nobitex also denied claims that the two brothers had concealed their identities or real names.
The latest sanctions are expected to significantly increase financial pressure on the Middle Eastern cryptocurrency network and further restrict its access to international financial systems.
DBTech/BMT/OR
