On Tuesday, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on four Iranian digital asset exchanges, prominently including Nobitex, which stands as Iran’s largest cryptocurrency platform.
Treasury Secretary Scott Bessent remarked, “While Iran’s economy is spiraling downwards, the regime has opted to leverage digital asset technology for its own corrupt aims, such as dodging sanctions and transferring wealth overseas. The current chaos in Iran’s economy underscores the effectiveness of President Trump’s maximum pressure campaign.”
“As promised, the Treasury Department will keep an eye on funds aiding Economic Fury, whether funneled through banking networks or digital assets, to prevent the regime from advancing its nuclear ambitions,” Bessent pledged.
OFAC stated that Nobitex has “offered substantial support to the Iranian regime, managing over 50 percent of all Iranian digital asset inflows in 2025.”
The exchange also facilitated payments tied to Iranian terrorism, sanctions evasion, and activities involving the Islamic Revolutionary Guards Corps (IRGC), which is labeled a terrorist organization. This has enabled Iran’s central bank to access “hundreds of millions of dollars in stablecoins intended to prop up the declining value of the Iranian rial.”
Moreover, certain IRGC transactions have been associated with ransomware groups that employ malware to hijack computer data and seek cryptocurrency ransoms from victims. Notably, some previously quiet ransomware operations have resumed since the onset of Operation Epic Fury in February.
OFAC noted, “After U.S. combat operations began in Iran, Nobitex took steps to safeguard and transfer assets out of the country in a bid to preserve the regime’s wealth, even amid internet blackouts.”
In addition, OFAC targeted Nobitex’s founder, chairman, and former CEO Amir Hossein Rad, along with various other leaders and associates connected to the exchange.
Three other Iranian cryptocurrency exchanges—Wallex, Bitcoin, and Ramzinex—faced similar sanctions. OFAC cautioned that engaging in business with these entities could lead to sanctions for individuals and global financial institutions. On the flip side, whistleblowers who aid OFAC in enforcement efforts could receive rewards of over $1 million in fines.
An investigation by Reuters, published on May 1, revealed that Nobitex was founded in 2018 by sons of a prominent family closely linked to Iran’s supreme leader, Mojtaba Khamenei.
Reuters described the Khalaj family as “one of the most influential dynasties in the Islamic Republic,” noting their marriages to top leaders, including the country’s founder, Ruhollah Khomenei. The founders of Nobitex reportedly concealed their connections to Iranian aristocracy by adopting a different surname.
As of May, Nobitex claimed around 11 million users, equating to more than 10 percent of Iran’s population, and handled roughly 70 percent of the nation’s cryptocurrency transactions. With many of Iran’s elite turning to digital currencies due to tightening sanctions that cut their ties with international banking, the platform has become critical.
Interestingly, Reuters expressed surprise that Nobitex had not been sanctioned until this point, given its concealed connections to the Revolutionary Guards and Supreme Leader, as well as its rapid ascent and key role in sanctions evasion. The company has maintained that it operates as a “private, independent business” with no associations with the government, central bank, or Revolutionary Guards.
The May report included anonymous remarks from Trump administration officials, hinting that this coverage might have drawn attention to Nobitex from the Treasury Department.
A hacker group named “Predatory Sparrow,” suspected to have ties to the Israeli government, appeared in June 2025 and claimed to have stolen $48 million in cryptocurrency from Nobitex, thus depriving the Iranian regime of crucial funding for terrorism.
In a message aimed at Iranians, the group warned, “Collaborating with terrorist financing infrastructures risks your assets! Act before it’s too late.”
Following these events, hackers also exposed Nobitex’s source code, indicating the company’s surveillance of its users. This revelation led to a significant decline in trading on cryptocurrency exchanges.
