The United States has officially sanctioned Nobitex. It is Iran’s biggest cryptocurrency exchange. Officials accuse the platform of helping the Iranian government and blacklisted state institutions dodge Western sanctions.
Evading Sanctions During Blackouts
According to the US Treasury, Nobitex acted as a massive financial loophole. It processed hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC). Furthermore, a May 1 Reuters investigation revealed the exchange kept running even when the government shut down the internet.
The US Treasury explicitly noted that Nobitex protected and moved regime wealth out of the country despite internet blackouts during recent US combat operations in Iran. Treasury Secretary Scott Bessent issued a sharp statement regarding the situation. He criticized the regime for exploiting digital asset technologies to transfer wealth out of the country while the Iranian economy remains in free fall.
Hidden Ties to Powerful Dynasties
The US Treasury also individually sanctioned three key figures today. This list includes CEO Amir Hossein Rad. It also includes two brothers who control the exchange:
- Seyed Mohammad Ali Aghamir Mohammad Ali
- Seyed Mohammad Aghamir Mohammad Ali
Reports and recent investigations are linking these brothers to the Kharrazi family. This dynasty is one of the most influential in the Islamic Republic and holds close ties to the new supreme leader. Interestingly, corporate records show the brothers launched the exchange using a rarely used family surname.
Nobitex Denies the Allegations
The US announced these sanctions today, June 3, after normal business hours in Iran. Consequently, Nobitex could not be reached for immediate comment.
However, the company previously addressed these claims in an April email to Reuters. Nobitex firmly denied having direct government connections. The company also denied assisting the state. Additionally, management claimed they had no awareness or approval of any illicit funds moving through their platform. Finally, the company insisted the two controlling brothers never changed their names or used alternative identities.
