US Slaps Sanctions on Nobitex, Iran's Largest Crypto Exchange

The US Treasury Department has taken a significant step in its efforts to combat illicit financial activities by imposing sanctions on Nobitex, Iran's largest cryptocurrency exchange. According to the department, the exchange provided 'significant support' to the Iranian government and facilitated numerous digital transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and Iran's central bank.

The Treasury accused Nobitex of helping to evade Western sanctions and transfer wealth out of the country, particularly during a time when Iran's economy is experiencing significant challenges. The move also targets several key individuals, including CEO Amir Hossein Rad and members of the influential Kharrazi family.