The US Treasury Department sanctioned Nobitex, Iran’s largest crypto exchange, as part of a broader action targeting digital asset platforms accused of helping Iran evade US sanctions.
On June 2, the Office of Foreign Assets Control designated Nobitex along with three other Iran based digital asset exchanges and several individuals. Reuters identified the other exchanges as Bitpin, Ramzinex, and Wallex.
The move places Nobitex directly on the US sanctions list after years of scrutiny over its role in Iran’s crypto economy. Reuters reported that Nobitex had become a central node in a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps.
US persons are now prohibited from transacting with Nobitex, and any assets the exchange holds within US jurisdiction are blocked.
Nobitex was founded in 2018 by brothers from the influential Kharrazi family, according to Reuters. The platform grew into Iran’s dominant domestic crypto exchange, claiming more than 11 million users and handling an estimated 70% of the country’s crypto transactions.
