US Treasury Expands Crypto Sanctions Against Iran's Digital Asset Platforms

The U.S. Treasury's Office of Foreign Assets Control (OFAC) has taken a significant step in its efforts to combat the evasion of economic sanctions by expanding its reach to include four Iranian digital asset platforms.

According to OFAC, these platforms - Nobitex, Bitpin, Wallex, and Ramzinex - have facilitated illicit financial activities, including evading previous sanctions. The agency alleges that Nobitex was responsible for 50% of all Iranian crypto inflows in 2022, with some funds tied to the Iranian military and Islamic Revolutionary Guard Corps (IRGC).

The U.S. Treasury has also accused the Central Bank of Iran of using Nobitex to prop up the falling value of the Iranian rial.

In response to these actions, OFAC has sanctioned three individuals: Chairman Amir Hossein Rad, Founder Seyed Mohammad, and CEO Sayed Ali Khoee.