U.S. Sanctions Iran's Largest Crypto Exchange Nobitex Over IRGC Links

The U.S. Treasury Department sanctioned Iran’s largest cryptocurrency exchange, Nobitex, on June 2, 2026, accusing it of helping the Iranian government and the Islamic Revolutionary Guard Corps (IRGC) bypass Western sanctions. The action targets the platform and three individuals, including its founders Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, and CEO Amir Hossein Rad. A Reuters investigation published May 1, 2026, revealed Nobitex served as a central hub in a parallel financial system, processing hundreds of millions of dollars for Iran’s central bank and the IRGC. The report said the exchange remained operational during a government-imposed internet blackout, facilitating asset transfers out of the country. The sanctioned brothers, from the influential Kharrazi family, initially registered the exchange under a less common surname, according to corporate records. Treasury Secretary Scott Bessent said Iran’s regime co-opted digital asset technologies to evade sanctions and move wealth. Nobitex denied government ties in an April statement, but could not be reached for comment on the sanctions.