On Tuesday, June 2nd, the United States announced sanctions against Iran’s largest cryptocurrency exchange, Nobitex, for assisting the Iranian government and blacklisted Iranian entities in evading Western sanctions.
U.S. Treasury Secretary Scott Bessent stated in a press release on Tuesday, “At a time when Iran’s economy is in freefall, the regime has chosen to engage in corrupt activities using digital asset technology, including evading sanctions and transferring wealth out of the country.”
The statement highlighted that Nobitex provided “significant support” to the Iranian government and facilitated “substantial” digital transactions with entities like the Islamic Revolutionary Guard Corps and the Central Bank of Iran.
“Even after the U.S. military actions against Iran, Nobitex continued to participate in transferring assets and funds out of Iran to safeguard the regime’s wealth,” the statement said.
The U.S. also announced sanctions against two influential Iranian brothers, Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, as well as the CEO of the exchange, Amir Hossein Rad.
A Reuters investigation in May revealed that Nobitex had become a core node in a parallel financial system, processing hundreds of millions of dollars for the Central Bank of Iran and the Islamic Revolutionary Guard Corps. The report also disclosed that Nobitex continued to operate and handle millions of dollars in transactions even after the government implemented internet restrictions.
The investigation by Reuters further found that the two brothers from the influential Kharrazi family controlled Nobitex and had close ties to Iran’s newly appointed Supreme Leader.
Company records showed that when the exchange was established, these two brothers used pseudonyms rarely used by their family members.
In an email statement sent to Reuters in April, Nobitex stated that the company had “no direct contact with the Iranian government” and denied assisting the Iranian government.
The company also claimed that any illicit funds transferred through Nobitex were done without the approval or knowledge of the management. The company stated that the two brothers had never used alternate identities or changed their identities.