US sanctions Iran’s largest crypto exchange over IRGC links
A man holds an Iranian flag near an anti-U.S. billboard depicting U.S. President Donald Trump and the Strait of Hormuz, in Tehran, Iran, May 30, 2026. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
Read a summary of this article on FAST.
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
LONDON, June 2 : The United States announced sanctions on Iran’s biggest cryptocurrency exchange on Tuesday, accusing it of enabling the Iranian government and blacklisted state institutions to circumvent Western sanctions.
The new sanctions follow a Reuters investigation published on May 1 which showed how Nobitex had become a central node in a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps. The report also revealed how Nobitex continued operating even after the government-imposed internet shutdown, processing millions of dollars of 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,” Treasury Secretary Scott Bessent said in a statement.
The Reuters investigation showed how Nobitex is controlled by two brothers from one of Iran’s most powerful families, with close ties to the new supreme leader. The two are members of the Kharrazi family, one of the most influential dynasties in the Islamic Republic. Corporate records show that when the exchange started, the brothers were listed under a surname rarely used by members of the family.
Guess Word
Crack the word, one row at a time
Buzzword
Create words using the given letters
Mini Sudoku
Tiny puzzle, mighty brain teaser
Mini Crossword
Small grid, big challenge
Word Search
Spot as many words as you can
The U.S. Treasury announced Tuesday that the two brothers, Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, had also been individually sanctioned, along with the exchange’s chief executive officer, Amir Hossein Rad.
Nobitex had provided “significant support” to the Iranian government and facilitated a “significant number” of digital transactions linked to the IRGC and Iran’s central bank, the U.S. Treasury said in the statement. “Following the commencement of U.S. combat operations in Iran, Nobitex played a role in protecting and moving assets and funds out of Iran to shield regime wealth despite internet blackouts.”
Nobitex could not be reached for comment on the sanctions, which were announced after normal business hours in Iran. In a statement to customers Wednesday on its Telegram account, the exchange said it had anticipated possible sanctions-related issues for years given “the unique challenges faced by Iranian businesses operating internationally.”
“Accordingly, the necessary technical and operational preparations to deal with such circumstances have long been part of our planning,” the statement said.
In an emailed statement to Reuters in April, Nobitex said it had no direct government connections and denied assisting the state. It said that any illicit funds moving through Nobitex did so without management approval or awareness. The company also said that the two brothers had never used an alternative identity or changed their identity.
Source: Reuters
Sign up for our newsletters
Get the CNA app
Stay updated with notifications for breaking news and our best stories
Get WhatsApp alerts
Join our channel for the top reads for the day on your preferred chat app
Get bite-sized news via a new
cards interface. Give it a try.
Click here to return to FAST
Tap here to return to FAST
FAST
About The Author
