The U.S. Treasury Department on Tuesday sanctioned Nobitex, Iran's largest crypto exchange, along with three other trading platforms based in the country as part of the Trump administration's "Economic Fury" campaign against Tehran's financial networks.
The Treasury's Office of Foreign Assets Control, better known as OFAC, said Nobitex "processed over 50 percent of all Iranian digital asset inflows in 2025" and was a key player in sanctions evasion, terrorist financing and transactions linked to Iran's Islamic Revolutionary Guard Corps.
It also extended sanctions upon Nobitex's chairman and co-founder, Amir Hossein Rad, current CEO Seyed Ali Khoee, and co-founders Ali and Mohammad Kharrazi, brothers from one of Iran's most politically connected families.
A Reuters investigation published last month identified the brothers as relatives of Iran's supreme leadership and reported that hundreds of millions of dollars tied to sanctioned Iranian entities had moved through their exchange.
"While Iran's economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country," Treasury Secretary Scott Bessent said in a statement.
