The sanctions follow a Reuters investigation published on May 1, which found that Nobitex had become a key part of a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC).
The report also revealed that Nobitex continued operating during a government-imposed internet shutdown, processing millions of dollars in transactions.
“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,” US Treasury Secretary Scott Bessent said in a statement.
Ownership Links
The Reuters investigation reported that Nobitex is controlled by two brothers from the influential Kharrazi family, which has close ties to Iran’s new supreme leader.
Corporate records showed that when the exchange was founded, the brothers were listed under a surname that is rarely used by members of the family.
The US Treasury said the two brothers — Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali — have also been sanctioned, along with Nobitex CEO Amir Hossein Rad.
Exchange Denies Government Ties
According to the Treasury, Nobitex provided “significant support” to the Iranian government and facilitated numerous digital transactions linked to the IRGC and Iran’s central bank.
It also alleged that following the start of US military operations in Iran, the exchange helped move assets and funds out of the country despite internet blackouts.
However, in a statement posted on its Telegram channel on Wednesday, Nobitex said it had long anticipated sanctions-related challenges because of the unique difficulties faced by Iranian businesses operating internationally.
The exchange said it had already made the necessary technical and operational preparations to deal with such circumstances.
