The US Treasury’s Office of Foreign Assets Control (OFAC) has imposed sanctions on Nobitex, Iran's leading cryptocurrency exchange, accusing it of enabling transactions connected to terrorism and ransomware activities tied to the Islamic Revolutionary Guard Corps (IRGC). The move freezes Nobitex’s assets under US jurisdiction and bans Americans from conducting business with the platform, intensifying pressure on Iran’s digital asset ecosystem.
OFAC detailed that Nobitex processed over half of all Iranian cryptocurrency inflows in 2025, supporting payments related to IRGC-linked actors and helping the Central Bank of Iran maintain the value of the national currency by accessing stablecoins. The exchange also allegedly assisted regime insiders in bypassing international sanctions to access global cryptocurrency markets, facilitating illicit financial flows that underpin Iran’s broader geopolitical and military strategies.
The sanctions list specifically targets Nobitex’s top executives, including chairman Amir Hossein Rad, CEO Seyed Ali Khoee, and co-founders Seyed Mohammad Ali Aghamir Mohammad Ali and blockchain head Seyed Mohammad Aghamir Mohammad Ali. This action forms part of the US government’s ongoing “Economic Fury” campaign, which also struck three other Iranian crypto platforms—Wallex, Bitpin, and Ramzinex—highlighting systemic efforts to curtail Iran’s use of digital currencies for illicit purposes.
According to blockchain analytics firm Chainalysis, Iran’s cryptocurrency ecosystem saw inflows nearing $7.8 billion in 2025, with IRGC-linked wallets accounting for the majority of activity in the last quarter of the year. Nobitex dominated these transactions, surpassing other major exchanges like Wallex and Bitpin, which held 12% and 10% market shares respectively. This data underscores how Iran leverages its crypto networks to circumvent traditional financial controls and sustain sanctioned activities.
Aside from financial sanctions, Nobitex faced cybersecurity challenges earlier in the year when the pro-Israel hacking group “Predatory Sparrow” claimed responsibility for a breach, stealing approximately $90 million in digital assets and posting politically charged messages. This cyberattack highlights the vulnerabilities and geopolitical risks entwined with Iranian crypto platforms amid escalating regional tensions.