US sanctions Iran's largest crypto exchange over IRGC links

The United States has targeted Iran's largest cryptocurrency exchange, Nobitex, with new sanctions, alleging it facilitated the circumvention of Western sanctions for the Iranian government and its state institutions. The move comes after a Reuters investigation revealed Nobitex's role as a critical financial node, processing substantial sums for Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC).

According to the U.S. Treasury, Nobitex provided "significant support" to the Iranian government and handled numerous digital transactions linked to the IRGC. The Treasury stated that the exchange played a part in moving assets out of Iran to shield regime wealth, even during internet blackouts that followed the commencement of U.S. combat operations in Iran. Treasury Secretary Scott Bessent accused Iran of exploiting digital asset technologies for corrupt agendas, such as sanctions evasion and wealth transfer, amidst its economic downturn.

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While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country.

The Reuters report highlighted that Nobitex is controlled by two brothers from the influential Kharrazi family, known for their close ties to Iran's supreme leader. Corporate records indicated the brothers initially used a less common surname for the exchange's founding. The U.S. Treasury has also individually sanctioned these brothers, Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, along with the exchange's CEO, Amir Hossein Rad.

Nobitex has previously denied direct government connections and assisting the state, asserting that any illicit funds moving through the platform occurred with management approval or awareness. The company also refuted claims that the brothers had used alternative identities. Despite these denials, the U.S. Treasury's action underscores its commitment to disrupting Iran's financial networks used for sanctions evasion.

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Nobitex had provided “significant support” to the Iranian government and facilitated a “significant number” of digital transactions linked to the IRGC and Iran’s central bank.