LONDON: The United States has imposed sanctions on Iran’s largest cryptocurrency exchange, Nobitex, accusing the platform of helping the Iranian government and sanctioned state institutions bypass Western economic restrictions.
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The sanctions were announced by the US Treasury Department on Tuesday and include measures against Nobitex, its two founders, and Chief Executive Officer Amir Hossein Rad. According to the Treasury, the exchange provided significant support to the Iranian government and facilitated digital asset transactions linked to the Islamic Revolutionary Guard Corps (IRGC) and Iran’s central bank.
Sanctions Follow Reuters Investigation
The move comes after a Reuters investigation published in May reported that Nobitex had become a major hub in a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the IRGC. The report also alleged that the exchange continued processing transactions during government-imposed internet shutdowns in Iran.
US Treasury Secretary Scott Bessent said the Iranian government had used digital asset technologies to evade sanctions and move wealth outside the country despite economic difficulties. According to the Treasury, Nobitex also played a role in transferring and protecting assets following the start of US military operations involving Iran.
Founders and CEO Added to Sanctions List
The Treasury sanctioned brothers Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, who were identified as key figures behind the exchange, along with CEO Amir Hossein Rad. Treasury officials alleged that Nobitex facilitated a significant number of transactions involving sanctioned Iranian entities.
Reuters previously reported that the two brothers are members of the influential Kharrazi family, which has longstanding political connections within Iran. Corporate records reviewed by Reuters indicated that the exchange was originally established using a surname not commonly associated with the family.
Nobitex Denies Government Ties
Reuters reported that Nobitex could not be reached for comment following the sanctions announcement, which was issued after normal business hours in Iran.
However, in an earlier statement provided to Reuters in April, the company denied having direct connections to the Iranian government and rejected allegations that it knowingly assisted state entities. Nobitex said any illicit funds that may have moved through the platform did so without the knowledge or approval of management.
The company also denied claims that its founders had used alternative identities or changed their names.
Wider Crackdown on Iran’s Crypto Sector
The sanctions are part of a broader US effort targeting Iran’s digital asset sector. Alongside Nobitex, the Treasury also sanctioned other Iran-based cryptocurrency exchanges, including Bitpin, Ramzinex and Wallex. The Treasury warned that foreign financial institutions and individuals could face sanctions if they engage in certain transactions involving the designated entities.
The latest measures highlight Washington’s increasing focus on the use of cryptocurrency platforms in sanctions evasion and financial activities linked to sanctioned governments and organizations.
