US sanctions Iran's largest crypto exchange over IRGC links

• Nobitex is controlled by two brothers from the influential Kharrazi family with close ties to Iran's new supreme leader, who were sanctioned individually alongside the exchange's CEO
• The exchange processed millions in transactions for Iran's central bank and IRGC, providing 'significant support' to the Iranian government according to US Treasury
• Nobitex continued operating and moving regime assets out of Iran even during internet blackouts following US combat operations, enabling wealth protection despite sanctions

Summary

The U.S. Treasury Department sanctioned Nobitex, Iran's largest cryptocurrency exchange, on June 2 for allegedly helping the Iranian government and sanctioned entities evade Western sanctions. The action follows a Reuters investigation revealing that Nobitex processed hundreds of millions of dollars for Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC).

Key Individuals and Entities:

• Two brothers from the influential Kharrazi family—Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali—were individually sanctioned as Nobitex's controllers
• CEO Amir Hossein Rad also received sanctions
• The Kharrazi family has close ties to Iran's new supreme leader

Main Allegations:

The U.S. Treasury stated Nobitex provided "significant support" to the Iranian government and facilitated a "significant number" of digital transactions linked to the IRGC and Iran's central bank. Notably, the exchange continued operating during government-imposed internet shutdowns, processing millions in transactions and allegedly helping move regime assets out of Iran during U.S. combat operations.

Company Response:

Nobitex denies having direct government ties or knowingly facilitating illicit transactions. The company could not be reached for comment following the sanctions announcement.

Market Context:

Treasury Secretary Scott Bessent criticized Iran's regime for co-opting digital asset technologies for "its own corrupt agenda, including evading sanctions and transferring wealth out of the country" as Iran's economy struggles.

The sanctions highlight growing U.S. scrutiny of cryptocurrency platforms potentially enabling sanctioned nations to circumvent traditional financial restrictions.