According to the report, the exchange continued processing transactions worth millions of dollars even during government-imposed internet shutdowns in Iran.
The United States government has imposed sanctions on Iran’s largest cryptocurrency exchange, Nobitex, accusing the firm of facilitating efforts by the Iranian government and sanctioned state institutions to bypass Western economic restrictions.
The sanctions, announced by the U.S. Treasury Department, came weeks after reports alleged that Nobitex had emerged as a key component of a parallel financial network used by Iranian authorities to move hundreds of millions of dollars linked to the country’s central bank and the Islamic Revolutionary Guard Corps (IRGC).
According to the report, the exchange continued processing transactions worth millions of dollars even during government-imposed internet shutdowns in Iran.
Reacting to the sanctions, U.S. Treasury Secretary Scott Bessent said the Iranian government had exploited digital asset technologies to pursue activities contrary to international sanctions.
