US sanctions Iranian crypto exchange Nobitex, cites links to central bank and IRGC – Firstpost

The United States on Wednesday sanctioned Nobitex, Iran’s largest cryptocurrency exchange, accusing it of helping Tehran circumvent Western sanctions and facilitating transactions linked to the Central Bank of Iran and the Islamic Revolutionary Guard Corps (IRGC).

The move marks one of Washington’s most significant actions against Iran’s digital asset ecosystem and underscores growing concerns that cryptocurrencies have become an increasingly important financial channel for sanctioned states seeking access to the global economy.

The US Treasury Department also imposed sanctions on Nobitex chief executive Amir Hossein Rad and two individuals identified as Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, whom US authorities linked to the exchange’s ownership and operations.

“While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country,” Treasury Secretary Scott Bessent said in a statement.

According to the Treasury Department, Nobitex provided “significant support” to the Iranian government and facilitated a substantial volume of digital asset transactions involving sanctioned entities.

In previous statements to Reuters, Nobitex denied having direct links to the Iranian government and said any illicit transactions that may have passed through its platform occurred without management’s knowledge or approval.

Crypto becomes a new front in sanctions enforcement

The latest action comes as the Trump administration expands its campaign to target Iran’s financial networks beyond conventional banking channels.

Last week, Bessent revealed that Washington had seized
nearly $1 billion in Iranian-linked cryptocurrency assets under “Operation Economic Fury”, a programme launched in 2025 to disrupt Tehran’s access to international finance through sanctions, asset seizures and coordination with allied governments.

Speaking at the Reagan National Economic Forum, Bessent said US authorities had taken control of cryptocurrency wallets tied to Iranian entities and were working with European partners to identify and seize overseas assets linked to the regime.

“We have seized about a billion dollars of their crypto,” Bessent said. “Just outright grabbed the wallets.”

US officials have increasingly warned that digital assets are being used to bypass restrictions imposed on Iran’s banking sector, oil exports and international transactions.

Billions of dollars flowing through Iran’s crypto ecosystem

Blockchain intelligence firms estimate that cryptocurrency has become a significant component of Iran’s sanctions-evasion infrastructure.

According to TRM Labs, the IRGC has moved approximately $3 billion through cryptocurrency networks since 2023. The firm says it has identified more than 5,000 wallet addresses linked to the organisation.

Chainalysis has estimated that roughly half of Iran’s crypto transaction volume is connected to the IRGC, highlighting the growing role of digital assets in the country’s financial system.

Iran’s overall cryptocurrency activity has also expanded rapidly. Blockchain analytics firms estimate that Iranian-linked transaction volumes reached between $8 billion and $10 billion last year, reflecting both state-linked activity and rising retail adoption.

The growth has been driven in part by economic pressures inside Iran, where citizens facing high inflation and a weakening rial have increasingly turned to digital assets as a store of value.

Nobitex previously told Reuters that around 15 million Iranians have some exposure to cryptocurrency, with the exchange serving an estimated 11 million users.

Challenge for Washington

The sanctions highlight a broader challenge facing US policymakers as financial activity increasingly shifts onto decentralised digital networks.

While blockchain transactions can often be traced through advanced analytics tools, cryptocurrencies allow funds to move across borders without relying on traditional banking infrastructure, making sanctions enforcement more complex.

For Washington, targeting Nobitex represents an attempt to disrupt what officials view as a critical gateway between Iran’s domestic financial system and global crypto markets.

The action also signals that cryptocurrency exchanges operating in jurisdictions under sanctions scrutiny are likely to face greater regulatory and enforcement pressure as the US seeks to close emerging channels used to move capital outside the reach of conventional financial controls.

With Tehran increasingly relying on alternative payment networks and digital assets amid years of economic restrictions, the battle over sanctions enforcement is rapidly expanding beyond banks and oil shipments into the world of blockchain finance.

With inputs from agencies.