US Treasury Sanctions Four Iranian Crypto Exchanges Including Nobitex
The US Treasury's Office of Foreign Assets Control designated Nobitex, Wallex, Bitpin and Ramzinex and several of their executives under its Economic Fury campaign. Treasury alleges the platforms served as digital-asset channels for Iran's central bank and the Islamic Revolutionary Guard Corps.
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What Treasury Designated
The Office of Foreign Assets Control added four Iranian crypto exchanges to its Specially Designated Nationals list: Nobitex, Wallex, Bitpin and Ramzinex. OFAC also designated several individuals tied to the platforms, including Nobitex's chairman, co-founder and former CEO Amir Hossein Rad, two Nobitex co-founders identified as members of the Kharrazi family, and current Nobitex CEO Seyed Ali Khoee. The action was announced as part of the administration's Economic Fury campaign, which Treasury describes as aimed at increasing economic pressure on Tehran.
Market Share and Volume Claims
Treasury's figures on the exchanges' share of Iranian digital asset activity come from the agency's own statement. It says Nobitex processed more than 50% of Iranian digital asset inflows in 2025, Wallex received 12% and Bitpin 10%. Ramzinex, which Treasury says was founded in Tehran in 2018, is reported to have processed more than $2.45 billion in transactions. Treasury did not publish a separate methodology for these shares in the material available, so the percentages are best read as the agency's characterization of inflow data rather than independently verified totals.
Allegations Against the Exchanges
Treasury alleges the platforms helped users bypass sanctions and processed transactions linked to the Islamic Revolutionary Guard Corps, including activity involving IRGC-affiliated ransomware actors. It further accuses Nobitex of helping the Central Bank of Iran access hundreds of millions of dollars in stablecoins used to support the rial, and of enabling regime insiders to reach international exchanges across several jurisdictions. Treasury also says Nobitex helped move assets out of Iran during internet blackouts that began at the outset of the conflict. Ramzinex is alleged to have handled transactions connected to the IRGC and a government-backed Iranian financial institution, and some Bitpin investors have reportedly been linked to sanctions evasion. None of these allegations were accompanied in the source reporting by public charging documents, so they remain Treasury's claims.
Nobitex's Background and the 2025 Hack
Treasury says Rad helped restore Nobitex's operations after a $90 million hack in June 2025, a detail that places the exchange's recovery within the same period Treasury cites for its inflow figures. Treasury's statement describes Nobitex's co-founders as part of Supreme Leader Mojtaba Khamenei's inner circle, a characterization the sources present as Treasury's own and do not independently confirm.
Official Statements and Next Steps
Treasury Secretary Scott Bessent said in the agency's statement that Iran has increasingly used digital asset technologies to pursue what he called a corrupt agenda, including sanctions circumvention. He said Treasury will continue tracking Iranian financial activity across both traditional banking and digital assets as part of efforts to prevent Iran from developing a nuclear weapon. The designations carry the usual consequences for US persons and entities dealing with the listed parties, and the sources do not report any immediate response from the named exchanges or individuals.
Why It Matters
For Traders
Exchanges and counterparties now on the SDN list may see withdrawals, liquidity and USD-denominated flows disrupted, so any exposure to Iranian-linked venues should be reviewed against sanctions compliance.
For Investors
The designations show OFAC extending sanctions enforcement from banks into crypto exchanges and their executives, a pattern that is likely to shape compliance requirements across the sector for months.
For Builders
Protocols and wallets should expect stricter screening of addresses and counterparties linked to designated Iranian exchanges, and should review their sanctions-list integrations accordingly.
This article is for information only and is not financial advice. Read the full disclaimer.
