U.S. Treasury sanctions Iran’s largest crypto exchange Nobitex

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Nobitex, Iran’s largest crypto exchange, and Wallex, Bitpin, and Ramzinex for sanctions evasion, terrorist financing and helping prop up the Iranian regime.

This is not the first enforcement action taken by the Treasury Department against Iran’s crypto ecosystem. Chainalysis had previously noted that Iran’s crypto market was over $7.78 billion in 2025 and that over 50% of that was in the hand of the Iranian Guard.

According to Chainalysis, In 2025, Nobitex processed over 50 percent of all Iranian digital asset inflows, while Wallex and Bitpin accounted for 12 percent and 10 percent, respectively. Ramzinex, founded in 2018, has processed over $2.45 billion in lifetime transactions.

According to OFAC, these actions are part of a broader strategy that has already successfully frozen nearly half a billion dollars in regime-linked cryptocurrency.

Along with the exchange Nobitex, OFAC designated four key individuals: Amir Hossein Rad (Chairman and former CEO), Seyed Ali Khoee (current CEO), and co-founders Seyed Mohammad Ali Aghamir and Seyed Mohammad Aghamir. Nobitex processed hundreds of millions of dollars in stablecoin transfers for the Central Bank’s effort to prop up Iran’s flagging currency, according to OFAC.

For global VASPs, cryptocurrency exchanges, and stablecoin issuers, this action requires immediate updates to sanctions screening and transaction monitoring protocols. The secondary sanctions explicitly attached to Nobitex, Bitpin, Ramzinex, and Wallex means that any foreign financial institution facilitating transactions for these entities risks being cut off from the U.S. financial system.

Earlier this month, The United States Treasury noted that it had seized approximately $1 billion in cryptocurrency assets connected to Iran. Announced by Treasury Secretary Scott Bessent, this action is part of the ongoing “Operation Economic Fury,” a sanctions-enforcement campaign aimed at cutting off Iran’s funding for weapons programs and regional proxy groups.

Speaking in an interview on Fox Business, Bessent said U.S. authorities had “grabbed the wallets” and seized cryptocurrency connected to Iran.