US Treasury Sanctions Iran's Largest Crypto Exchange Nobitex and Three Other Platforms for Sanctions Violations

The U.S. Treasury has sanctioned Iran's largest crypto exchange, Nobitex, and three others—Wallex, Bitpin, and Ramzinex—for allegedly facilitating sanctions evasion and financing the Islamic Revolutionary Guard Corps. The move, part of the Trump administration's "Economic Fury" campaign, severs the platforms from the global financial system. This action follows the seizure of $1 billion in Iranian crypto and a $344.2 million asset freeze by Tether.

US Treasury crypto sanctions

• ▪Foreign financial institutions may face secondary sanctions if they engage in transactions with the designated Iranian firms
• ▪The sanctions sever the targeted exchanges, their underlying wallet nodes, and their executive boards from the global financial system
• ▪Nobitex was designated under Executive Order 13224 for supporting the IRGC and E.O. 13902 for operating in Iran’s financial sector
• ▪The Treasury alleges the platforms facilitated terrorist financing, sanctions evasion, and payments for IRGC-affiliated ransomware actors
• ▪The U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned four major Iranian cryptocurrency exchanges on June 2, 2026

Iranian exchange blacklisting

• ▪Ramzinex, a Tehran-based exchange founded in 2018, has processed more than $2.45 billion in transactions
• ▪In 2025, Nobitex processed over 50% of all Iranian digital asset inflows, Wallex handled about 12%, and Bitpin accounted for 10%
• ▪The Treasury alleged Nobitex helped Iran's Central Bank access hundreds of millions of dollars in stablecoins to support the Iranian rial
• ▪Nobitex has approximately 11 million users
• ▪The sanctioned exchanges are Nobitex, Iran's largest, along with Wallex, Bitpin, and Ramzinex

Nobitex regime connections

• ▪The Treasury accused Nobitex of facilitating transactions for Iran’s Islamic Revolutionary Guard Corps (IRGC)
• ▪Nobitex co-founders Ali and Mohammad Kharrazi are members of the influential Kharrazi family, linked to Supreme Leader Khamenei's inner circle
• ▪Nobitex is accused of moving assets out of Iran to shield regime wealth during U.S. military operations
• ▪The U.S. sanctioned Nobitex Chairman Amir Hossein Rad, CEO Seyed Ali Khoee, and co-founders Ali and Mohammad Kharrazi

Economic Fury campaign

• ▪The broader "Economic Fury" campaign also includes a U.S.-led military blockade of Iranian ports and secondary sanctions on countries doing business with Iran
• ▪The sanctions are part of the Trump administration's "Economic Fury" campaign against Iran
• ▪The campaign's stated goal is to pressure Iran into a deal to end an ongoing war with the U.S. and Israel

Frozen cryptocurrency assets

• ▪U.S. authorities have seized about $1 billion in cryptocurrency tied to Iranian exchanges since the enforcement campaign began
• ▪In April 2026, stablecoin issuer Tether froze $344.2 million in USDT linked to Iran’s central bank
• ▪Nobitex was hacked for approximately $90 million in June 2025 by a group called Predatory Sparrow