US Sanctions Iran's Largest Crypto Exchange Over Alleged Sanctions Evasion

The US Treasury has imposed sanctions on Nobitex, Iran's largest cryptocurrency exchange, for allegedly facilitating transactions linked to the Iranian government and blacklisted state institutions.

A Reuters investigation revealed that Nobitex had become a central node in a parallel financial system used by the Iranian government and IRGC. The exchange is accused of processing hundreds of millions of dollars in transactions linked to these entities, despite an internet shutdown imposed by the government.

The US Treasury has also sanctioned two brothers from one of Iran's most powerful families who control Nobitex, as well as the exchange's chief executive officer.