Officials accuse the exchange of processing hundreds of millions in transactions for the Islamic Revolutionary Guard Corps and central bank, helping Tehran bypass Western restrictions amid ongoing regional tensions.

Background of the Sanctions

The US Treasury Department announced the measures on June 2, 2026, targeting Nobitex for what it described as significant support to the Iranian government and facilitation of digital transactions linked to sanctioned entities. The action forms part of a broader effort to disrupt financial networks used by Iran.

This decision follows a detailed Reuters investigation published on May 1, 2026, which highlighted Nobitex's role in a parallel financial system. The report showed how the exchange handled large volumes for Iran's central bank and the IRGC, continuing operations even during government-imposed internet shutdowns.

Individuals Targeted

US authorities sanctioned several people connected to Nobitex. These include the exchange's CEO Amir Hossein Rad and two brothers identified as co-founders and controllers: Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali. The brothers belong to the influential Kharrazi family, with reported ties to Iran's leadership.

The Treasury noted that corporate records showed the brothers using a less common surname when the exchange was established.

Nobitex's Response and Operations

Nobitex has rejected the accusations. In an earlier statement to Reuters, the company said it had no direct government connections and did not knowingly assist the state. It claimed any illicit funds moved through the platform without management approval or awareness. The exchange also denied that its leaders used alternative identities.

Despite the denials, US officials maintain that Nobitex served as a critical tool for the Iranian regime to maintain access to global financial networks through cryptocurrency channels.

Broader Context and Implications

The sanctions come amid heightened tensions between the US and Iran, including recent military actions and economic pressure campaigns. The Trump administration has pursued multiple measures to limit Iran's ability to generate revenue and move funds internationally.

These actions prohibit US persons from dealing with the designated entities and expose foreign institutions facilitating transactions to potential secondary sanctions. The move signals increased scrutiny on cryptocurrency's role in sanctions evasion worldwide.

Analysts expect the sanctions to complicate Iran's use of digital assets, though the country's established networks may adapt over time. The designations add to existing restrictions on Iranian entities and reflect ongoing US efforts to address perceived threats from the IRGC and related organizations.