Nobitex at Center of Treasury Blitz
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Nobitex, Iran’s largest cryptocurrency exchange, along with Wallex, Bitpin, and Ramzinex. These four platforms collectively processed the majority of Iran’s digital asset inflows in 2025, with Nobitex alone handling over 50%. The new sanctions prohibit U.S. businesses and citizens from providing any services to these exchanges, effectively isolating them from much of the global financial system.
According to cointelegraph.com, the Treasury alleges that Nobitex played a central role in facilitating payments for Iran’s Islamic Revolutionary Guard Corps (IRGC) and other sanctioned entities. The department also claims that Nobitex contributed to state-sponsored surveillance efforts targeting Iranian civilians—a charge that adds a civil liberties dimension to the economic penalties.
Chainalysis estimates Nobitex is responsible for about half of Iran’s crypto trading volume as of 2025.
“Economic Fury” Targets Iran’s Digital Lifeline
The sanctions are part of “Economic Fury,” a campaign launched by the Treasury on April 14 to disrupt Iranian financial networks leveraging digital assets. The campaign aims to cut off channels used for sanctions evasion and alleged terrorist financing, with a particular focus on crypto infrastructure.
Wallex, Iran’s second-largest digital asset exchange by volume, received 12% of the country’s crypto inflows last year. Bitpin captured another 10%, while Ramzinex, founded in Tehran in 2018, processed over $2.45 billion in transactions. All three are now blacklisted alongside Nobitex under this new push.
On paper these platforms serve retail users, but the Treasury argues they have become critical tools for state-backed actors seeking to bypass international restrictions.
Sanctions Hit Nobitex’s Founders, Key Staff
In addition to targeting the exchanges themselves, OFAC has also designated four individuals tied to Nobitex: chairman and co-founder Amir Hossein Rad; co-founders Seyed Mohammad Ali Aghamir and Seyed Mohammad Aghamir Mohammad Ali (both members of the Kharrazi family); and current CEO Seyed Ali Khoee. These individuals are accused of facilitating operations that enabled sanctions evasion and financing for restricted Iranian entities.
Amir Hossein Rad is specifically named for his role in restoring Nobitex operations after a $90 million hack in June 2025. Despite this major breach, Rad helped reconstitute the platform and maintain its dominant position within Iran's crypto ecosystem.
The sanctions extend beyond just freezing assets—they also bar U.S.-linked companies from engaging with these individuals or their businesses, raising questions about how quickly Iran’s crypto sector can adapt or reroute activity.
See Also
U.S. Seizes $1 Billion in Iranian Crypto
Treasury Secretary Scott Bessent stated that since late February, nearly $1 billion worth of cryptocurrency has been seized from Iranian exchanges and wallets as part of ongoing enforcement efforts. This figure underscores both the scale of Iran's reliance on digital assets and Washington's capacity to disrupt those flows through coordinated action.
In another major move this April, stablecoin issuer Tether froze $344.2 million across two wallets attributed to the Central Bank of Iran—wallets reportedly connected to both the IRGC-Qods Force and Hizballah. This freeze further tightens financial restrictions on Tehran's ability to move funds internationally using crypto rails.
Why it matters: Practical Impact for Users and Markets
For ordinary Iranians who have turned to digital assets amid currency devaluation and inflation, these sanctions could mean reduced access or higher risks when using local exchanges like Nobitex or Wallex. While some users may seek alternatives or peer-to-peer options, it's unclear how quickly such workarounds can replace lost liquidity—especially when more than half of Iran's crypto traffic was routed through Nobitex last year.
Internationally, compliance teams at global crypto firms will need to reassess exposure and relationships with any counterparties linked to these blacklisted platforms or individuals. The ripple effects may extend beyond Iran if other jurisdictions follow suit or if secondary sanctions are imposed on non-U.S. entities that continue dealings with these exchanges.
Iranian authorities have not issued a detailed response as of press time.
What deserves close attention
If Nobitex, which processed over 50% of Iranian digital asset inflows in 2025 and was reconstituted after a $90 million hack in June 2025, is able to maintain operations despite the April 14 launch of the US Treasury’s “Economic Fury” sanctions campaign, it would immediately indicate the effectiveness—or lack thereof—of the new prohibitions on disrupting Iran’s largest crypto exchange.
