The United States imposed sanctions on Nobitex, Iran’s largest cryptocurrency exchange, accusing it of supporting the Islamic Revolutionary Guard Corps (IRGC) and Iranian government in dodging Western sanctions. The Treasury Department highlighted Nobitex’s role in processing substantial digital asset transactions for Iran’s central bank and the IRGC, undermining international efforts to restrict the regime’s financial activities.
This move follows an investigative report revealing how Nobitex became a critical link in a parallel financial network, handling hundreds of millions of dollars despite internet shutdowns imposed by Iranian authorities. The platform reportedly continued operating amid these restrictions, enabling covert transfers of funds that strengthened the regime’s financial resilience amid severe economic challenges.
The US Treasury singled out Nobitex’s controllers, two brothers from the influential Kharrazi family, believed to maintain close ties to Iran’s supreme leadership. The brothers, Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, along with Nobitex’s CEO Amir Hossein Rad, were individually sanctioned for their roles in managing and facilitating transactions linked to the IRGC and the central bank.
Treasury officials accused Nobitex of providing “significant support” to Iran’s sanctions-evasion efforts, including safeguarding and transferring regime assets outside the country during periods of internet blackouts. This highlights the growing use of cryptocurrency platforms by sanctioned states to circumvent financial restrictions.
In April, Nobitex denied direct connections to the government and rejected allegations of knowingly assisting illicit transfers. The company also refuted claims that the two brothers used alternative identities or aliases. Attempts to obtain comments on the US sanctions were unsuccessful due to the announcement occurring after Iranian business hours.