U.S. Treasury Sanctions Nobitex and Iranian Exchanges

U.S. Treasury building with shield beside exchange server and coins with broken chain links surrounding them.

U.S. Treasury Sanctions Nobitex and Three Iranian Crypto Exchanges – Counterterrorism Designations Expand Pressure on Digital Asset Networks

Key Takeaways

– The U.S. Treasury designated Nobitex, Wallex, Bitpin, and Ramzinex under counterterrorism and financial sector authorities.
– Nobitex processed more than 50 percent of Iranian digital asset inflows in 2025, according to OFAC.
– Treasury invoked Executive Orders 13224 and 13902, blocking U.S. property interests and exposing foreign counterparties to secondary sanctions.
– Nobitex executives, including its chairman and current CEO, were individually designated.
– The action follows earlier freezes and seizures of Iranian linked cryptocurrency holdings.

Treasury Targets Iran’s Largest Crypto Exchange and Senior Executives

The U.S. Department of the Treasury’s Office of Foreign Assets Control has designated Nobitex, described as Iran’s largest digital asset exchange, along with three additional Iranian crypto platforms. The action was announced on June 2, 2026.

According to OFAC, Nobitex processed more than 50 percent of all Iranian digital asset inflows in 2025. The Treasury stated that the exchange served as a conduit for payments linked to Iran’s Islamic Revolutionary Guard Corps, ransomware operations, and efforts to move regime wealth during internet blackouts that followed U.S. combat operations in Iran.

Treasury Secretary Scott Bessent said the designations form part of a broader maximum pressure strategy. He stated that Iranian authorities have used digital asset technologies to evade sanctions and transfer wealth out of the country.

In addition to Nobitex, OFAC designated Wallex, Bitpin, and Ramzinex. Wallex received 12 percent of Iranian digital asset inflows in 2025 and, according to Treasury, facilitated transactions linked to the IRGC. Bitpin accounted for 10 percent of inflows and counts investors with reported ties to Iranian sanctions evasion efforts among its backers. Ramzinex, founded in Tehran in 2018, processed more than 2.45 billion dollars in total transactions, including payments for a government backed Iranian financial institution.

Executive Orders 13224 and 13902 Form Legal Basis

Treasury invoked two executive orders to support the designations. Executive Order 13224 is a counterterrorism authority. Executive Order 13902 targets persons operating in Iran’s financial sector.

Under these authorities, all U.S. property and interests in property of the designated entities and individuals are blocked. U.S. persons are generally prohibited from engaging in transactions with them. The designations also expose foreign companies and financial institutions to secondary sanctions if they continue doing business with the named parties.

Treasury clarified earlier in 2026 that Iranian digital asset exchanges are considered blocked financial institutions even if not explicitly listed on the Specially Designated Nationals list. An SDN designation, however, triggers secondary sanctions against global counterparties and provides what Treasury described as direct legal justification for stablecoin issuers to implement bulk freezes.

Focus on Individual Accountability

The June 2 action extends beyond corporate entities. OFAC designated several Nobitex leaders, including chairman, co founder, and former CEO Amir Hossein Rad. Treasury stated that Rad helped reconstitute Nobitex operations after a 90 million dollar hack in June 2025.

Also designated were two co founders identified as members of the Kharrazi family, described as being inside former Supreme Leader Khamenei’s inner circle, as well as current CEO Seyed Ali Khoee.

By naming executives, Treasury signaled a focus on individual accountability. The consequences include asset freezes and the risk of secondary sanctions exposure for those interacting with the designated individuals.

Broader Context: Iran’s Crypto Infrastructure and Prior Freezes

Treasury described Iran’s broader crypto infrastructure as being valued at approximately 7.8 billion dollars. Blockchain analytics firm Elliptic linked Nobitex to a network of wallets and behaviors consistent with IRGC financial activity.

In April 2026, Tether froze 344.2 million dollars held across two wallets attributed to the Central Bank of Iran. According to TRM Labs, the wallets had documented ties to the IRGC Qods Force and Hizballah. TRM described the freeze as the largest on chain freeze of Iranian sovereign crypto reserves on record.

Secretary Bessent stated in May that the United States has seized approximately 1 billion dollars in Iranian cryptocurrency.

Treasury has also warned that any person or company facilitating passage payments through the Strait of Hormuz, whether in fiat, digital assets, or informal swaps, risks sanctions exposure. On May 27, 2026, OFAC designated the so called Persian Gulf Strait Authority, described as an IRGC linked scheme to extort international shipping.

Implications for Exchanges, Stablecoin Issuers, and Counterparties

The explicit SDN listings increase compliance obligations for international exchanges, payment providers, and stablecoin issuers that may have exposure to Iranian counterparties.

According to Treasury guidance, foreign entities that continue to transact with the designated exchanges or individuals risk secondary sanctions. For global crypto platforms and service providers, this raises due diligence requirements related to Iranian users and counterparties.

For you as a user of international crypto services, the designations may affect platform access, wallet interactions, and the handling of funds linked to sanctioned entities. Stablecoin issuers and exchanges now have formal grounds to block or freeze assets connected to the named parties.

Our Assessment

The June 2 designations represent a coordinated action targeting both Iranian crypto platforms and their leadership under counterterrorism and financial sector authorities. Nobitex, which handled more than half of Iranian digital asset inflows in 2025, stands at the center of the measures. By invoking Executive Orders 13224 and 13902 and adding individuals to the SDN list, Treasury has expanded the legal and compliance consequences for global counterparties. The action follows earlier large scale freezes and seizures of Iranian linked crypto holdings and reinforces the regulatory focus on digital assets within sanctions enforcement.