The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against Nobitex, Iran’s largest cryptocurrency exchange, for facilitating payments related to terrorist activities.
Nobitex is believed to have helped evade economic sanctions and also facilitated transactions linked to the Islamic Revolutionary Guard Corps (IRGC).
Among the transactions, the U.S. authorities found wallets associated with ransomware threat actors related to the IRGC.
“Nobitex has provided significant support to the regime, processing more than 50 percent of all Iranian digital asset inflows in 2025 and facilitating payments tied to Iran’s terrorist activities, sanctions evasion efforts, and Islamic Revolutionary Guard Corps (IRGC)-linked transactions, including activity associated with IRGC-affiliated ransomware actors,” the Treasury said.
“Nobitex also helped the Central Bank of Iran access hundreds of millions of dollars in stablecoins used to prop up the plummeting value of the Iranian rial, while enabling regime insiders to access international digital asset exchanges and evade sanctions across multiple jurisdictions.”
OFAC also designated specific individuals identified as Nobitex executives and founders, including chairman Amir Hossein Rad, CEO Seyed Ali Khoee, co-founder Seyed Mohammad Ali Aghamir Mohammad Ali, and blockchain lead Seyed Mohammad Aghamir Mohammad Ali.
The action, which is part of the U.S. government’s “Economic Fury” campaign, also targeted three other Iranian cryptocurrency exchanges, namely Wallex, Bitpin, and Ramzinex.
Additional information from blockchain intelligence firm Chainalysis shows that the Iranian cryptocurrency ecosystem received nearly $7.8 billion in 2025.
The company estimates that addresses associated with the IRGC accounted for over 50% of the value received by the Iranian crypto ecosystem in Q4 2025.
Nobitex processed more than half of Iranian crypto inflows, while Wallex and Bitpin accounted for 12% and 10%, respectively.
Source: Chainalysis
From a practical perspective, the sanctions mean that any property or assets of the designated entities and individuals that fall under U.S. jurisdiction are frozen, and U.S. persons are prohibited from doing any business with them.
At the same time, the sanctions create international pressure, as U.S. allies and companies based in foreign countries are reluctant to take risks and continue dealing with the designated parties.
In June 2025, the pro-Israel “Predatory Sparrow” hacking group claimed to have breached Nobitex, stealing digital assets worth roughly $90 million, and leaving politically-tinted messages behind.
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