US Sanctions Iran's Nobitex Cryptocurrency Exchange Amid Allegations of Sanction Evasion

The US Treasury Department has taken action against Iran's largest cryptocurrency exchange, Nobitex, by imposing sanctions on the platform. According to a statement from the US Treasury, Nobitex is accused of processing hundreds of millions of dollars for Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC).

Nobitex is reportedly part of a parallel financial system that allows Iran to evade Western sanctions. The exchange continued to operate even during government-imposed internet shutdowns, processing significant transactions.

The US Treasury's Office of Foreign Assets Control (OFAC) has also sanctioned three other Iranian digital asset platforms as part of its 'Economic Fury' campaign. Treasury Secretary Scott Bessent stated that the regime is using digital asset technologies for its own corrupt agenda.

The sanctions target Nobitex's chairman and co-founders, who are members of the influential Kharrazi family. The individuals have denied any direct government connections, but the US Treasury has frozen nearly half a billion dollars in regime-linked cryptocurrency.