The US Treasury’s Office of Foreign Assets Control has sanctioned Iran’s largest digital asset exchange, Nobitex, and three others—Wallex, Bitpin, and Ramzinex. Officials allege the exchanges helped bypass sanctions and facilitated transactions linked to Iran’s Islamic Revolutionary Guard Corps. Treasury Secretary Scott Bessent claimed Iran uses digital assets to advance its “corrupt agenda,” including circumventing sanctions. The action is part of the Trump administration’s Economic Fury campaign to increase economic pressure on Tehran.
The US Department of the Treasury has sanctioned Nobitex, Iran’s largest digital asset exchange, alongside three other Iranian crypto exchanges. This move is part of the Trump administration’s Economic Fury campaign aimed at increasing economic pressure on Tehran.
The sanctions apply to Nobitex, Wallex, Bitpin, and Ramzinex. US officials allege these exchanges helped users bypass sanctions and processed transactions linked to the Islamic Revolutionary Guard Corps.
Treasury Secretary Scott Bessent claimed that Iran has increasingly used digital asset technologies to advance its “corrupt agenda,” including circumventing sanctions. He added that Treasury would continue tracking financial activity through both traditional banking channels and digital assets.
According to Treasury, Nobitex processed over 50% of all Iranian digital asset inflows in 2025. The agency alleged the exchange facilitated payments linked to terrorist activities, sanctions evasion, and IRGC-related transactions.
Nobitex was also accused of helping the Central Bank of Iran access hundreds of millions of dollars in stablecoins. The exchange allegedly enabled regime insiders to access international crypto exchanges across multiple jurisdictions.
OFAC designated Nobitex’s chairman, co-founder, and former CEO Amir Hossein Rad, along with several other company leaders. Their findings state Rad helped restore the platform after a $90 million hack in June 2025.
Wallex, Iran’s second-largest exchange by volume, received 12% of Iranian digital asset inflows in 2025. It allegedly facilitated transactions linked to the IRGC.
Bitpin accounted for 10% of Iranian digital asset inflows in 2025 and processed millions in transactions. Some of its investors have reportedly been linked to efforts to evade US sanctions.
Ramzinex, a Tehran-based exchange founded in 2018, has processed over $2.45 billion in transactions. It allegedly facilitated transactions linked to the IRGC and an Iranian government-backed financial institution.
