US Sanctions Iran's Biggest Crypto Exchange for IRGC Ties

• Nobitex processed hundreds of millions of dollars for Iran's central bank and IRGC, operating as a central node in a parallel financial system to circumvent sanctions
• US Treasury sanctioned Nobitex founders Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, plus CEO Amir Hossein Rad, for providing 'significant support' to sanctioned Iranian entities
• The exchange continued facilitating transactions during internet blackouts and allegedly helped move regime assets out of Iran following commencement of US combat operations

US Sanctions Iran's Largest Cryptocurrency Exchange Over IRGC Connections

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

Key Individuals Sanctioned:

Three individuals were targeted alongside the exchange: brothers Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, who control Nobitex and belong to the influential Kharrazi family with ties to Iran's supreme leader, plus CEO Amir Hossein Rad.

Key Findings:

• Nobitex operated as a central node in a parallel financial system circumventing sanctions
• The exchange continued processing millions in transactions during government-imposed internet shutdowns
• Treasury Secretary Scott Bessent stated Iran has "co-opted digital asset technologies" to evade sanctions and transfer wealth abroad
• The U.S. Treasury confirmed Nobitex provided "significant support" to the Iranian government and facilitated numerous digital transactions linked to the IRGC

Company Response:

Nobitex denied having direct government ties or knowingly facilitating illicit transactions. The exchange could not be reached for immediate comment following the sanctions announcement, which came after Iranian business hours.

Market Implications:

This action highlights growing U.S. focus on cryptocurrency platforms allegedly used for sanctions evasion, signaling increased regulatory scrutiny of digital asset exchanges with potential connections to sanctioned entities. The sanctions effectively cut Nobitex off from the U.S. financial system.