US Treasury sanctions Iran's largest crypto exchange Nobitex over IRGC links

The US Treasury Department imposed comprehensive sanctions on Tuesday against Iran's largest cryptocurrency exchange Nobitex and three other Iranian crypto platforms. The measures target the exchanges Nobitex, Bitpin, Ramzinex, and Wallex, as well as four Iranian nationals, including Nobitex's founders and CEO. Washington accuses the platforms of helping the Iranian government and sanctioned state institutions circumvent Western sanctions and finance militant groups.

The sanctions follow a Reuters investigation published in May 2026 that revealed how Nobitex had become a central node in a parallel financial system. According to the investigation, the exchange processed hundreds of millions of dollars for Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC). The research found that Nobitex handled approximately $5 billion worth of transactions from 2025 to March 2026, playing a key role in circumventing international financial restrictions.

Particularly noteworthy is that Nobitex continued operating even during government-imposed internet shutdowns, processing millions of dollars in transactions according to the investigation. This suggests a privileged position within the Iranian system and underscores the exchange's strategic importance for the country's financial operations. The ability to function during network blackouts implies special technical arrangements or state exemptions.

The four sanctioned cryptocurrency exchanges are among Iran's largest digital trading platforms and play important roles in the local cryptocurrency market. Nobitex is considered the country's leading exchange and has developed into one of the most important financial platforms in recent years. The other sanctioned exchanges - Bitpin, Ramzinex, and Wallex - complement the spectrum of Iranian crypto infrastructure now under US sanctions.

The new punitive measures extend beyond direct targets to include secondary sanctions. Foreign financial institutions and individuals could also face sanctions if they conduct certain transactions with the four sanctioned firms. This expansion increases pressure on international actors and aims to strengthen the isolation of Iranian crypto platforms.

The timing of the sanctions is notable, occurring just weeks after the Reuters investigation's publication. This suggests that US authorities either used the research findings as a basis for their decision or had already been conducting parallel investigations. The swift response underscores the priority Washington places on combating sanctions evasion through cryptocurrencies.

The sanctions highlight the growing role of cryptocurrencies in international sanctions regimes. While digital currencies were originally conceived as decentralized alternatives to traditional financial systems, they are increasingly being used by states and organizations to circumvent international restrictions. The Nobitex case demonstrates how crypto exchanges can become important instruments of state financial policy.

For Iran's cryptocurrency market, the sanctions represent a significant setback. The four affected exchanges handled a large portion of local trading, and their isolation from the international financial system could substantially impair the development of Iran's crypto sector. Simultaneously, the measures could encourage other countries to take similar steps against Iranian crypto platforms.

The sanctions also raise broader questions about the regulation of cryptocurrency exchanges and their role in international finance. As digital assets become more mainstream, governments worldwide are grappling with how to prevent their misuse while preserving legitimate financial innovation. The Iranian case may serve as a precedent for future actions against crypto platforms accused of facilitating sanctions evasion.

Open questions remain regarding the specific mechanisms through which Nobitex and the other exchanges enabled sanctions circumvention. While the Reuters investigation documented extensive transaction volumes, the specific methods and networks have not been fully clarified. The technical infrastructure that allowed continued operation during internet shutdowns also warrants further examination.

The response from the Iranian government and the affected exchanges to these sanctions remains to be seen and could provide additional insights into the structure of Iran's crypto system. Whether Iran will attempt to develop alternative platforms or seek to restore access to international markets through diplomatic channels could shape the future landscape of cryptocurrency regulation and sanctions enforcement.

The broader implications for global cryptocurrency markets are also uncertain. While the sanctions target specific Iranian platforms, they may influence how international exchanges approach compliance and due diligence. The case underscores the ongoing tension between the decentralized nature of cryptocurrencies and the need for regulatory oversight in an interconnected global financial system.