US imposes sanctions on Iran’s largest crypto exchange over ties to IRGC
The United States has imposed sanctions against Iran’s largest cryptocurrency exchange, Nobitex, accusing it of facilitating the circumvention of international sanctions and supporting the financial operations of the Iranian authorities. This was reported by Reuters, according to UNN.
Details
According to the U.S. Department of the Treasury, Nobitex provided “significant support” to the Iranian government and facilitated digital transactions related to the Islamic Revolutionary Guard Corps (IRGC) and the Central Bank of Iran. The sanctions also targeted the exchange’s CEO, Amir Hossein Rad, and two brothers from the Kharrazi family, whom the American side identifies as co-owners of the platform.
The new restrictions were introduced following a Reuters investigation which revealed that Nobitex had become a vital element of Iran’s financial system for conducting international transactions despite Western sanctions.
According to U.S. Treasury Secretary Scott Bessent, the Iranian authorities use digital assets to circumvent sanctions and move funds abroad.
Nobitex has previously denied ties to the Iranian government and claimed it did not facilitate illegal financial transactions. The company also rejected allegations regarding its executives using alternative identities or concealing their involvement in the management of the exchange.
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