The US Treasury Department on Tuesday announced sanctions against Nobitex, Iran's largest cryptocurrency exchange, accusing it of helping the Iranian government and its Islamic Revolutionary Guard Corps (IRGC) evade Western sanctions. The sanctions target the exchange's two co-founders and CEO, with the Treasury saying Nobitex has processed hundreds of millions of dollars in transactions for Iran's central bank.
Treasury Secretary Scott Bessent stated that the Iranian regime is using digital asset technology to escape sanctions and move wealth. According to a previous Reuters investigation, Nobitex is controlled by members of Iran's powerful families and continued to operate even during a nationwide internet shutdown in the country.
Nobitex has denied any direct links to the government, claiming any illicit fund flows occurred without management approval. The exchange insisted it complies with all applicable financial regulations. The US move underscores Washington's crackdown on crypto channels used to bypass financial restrictions.