The U.S. Department of the Treasury has designated Nobitex and three individuals for alleged ties to the Revolutionary Guards and evasion of Western sanctions.
The U.S. Department of the Treasury announced on Monday, June 1 sanctions against Nobitex, Iran’s largest cryptocurrency exchange, along with three other digital asset platforms. The accusation is of having helped Tehran evade Western sanctions and channel funds to blacklisted institutions, including the Islamic Revolutionary Guard Corps (IRGC), according to a statement from the U.S. Treasury.
The sanctions also target three individuals: CEO Amir Hossein Rad and two brothers identified as the effective controllers of the exchange. The action is part of the Trump administration’s broader pressure campaign against Iran, officially named “Economic Fury”, as indicated in the Treasury’s press release.
The Treasury stated that Nobitex allegedly provided “significant support” to the Iranian government, processing a “significant number” of digital transactions linked to the IRGC and the Iranian central bank. The most serious accusation concerns the alleged assistance in transferring assets out of the country to protect the regime’s wealth, even during government-imposed internet blackouts following U.S. military operations in Iran. Treasury Secretary Scott Bessent stated: “As Iran’s economy is in freefall, the regime has chosen to co-opt digital asset technologies for its corrupt agenda, including sanctions evasion and moving wealth out of the country.”
Nobitex has rejected all accusations. In a statement released in April to Reuters, the company denied any direct connection to the government and claimed it had not knowingly assisted the Iranian state. The platform argued that any illicit funds that may have passed through the system did so “without the knowledge or approval of management.” The exchange also denied that the two brothers ever used alternative identities.
The sanctions prohibit any U.S. person or entity from conducting transactions with Nobitex, its founders, or its CEO. Foreign financial institutions that process transactions on their behalf also risk secondary sanctions from the United States.
