- The US Treasury has sanctioned Nobitex, Wallex, Bitpin, and Ramzinex—Iran‘s four largest cryptocurrency exchanges—alongside several executives.
- These entities have collectively handled at least $40 billion in crypto assets, with research linking them to state-backed financial activity and capital flight.
- The designations now explicitly expose any foreign entity conducting business with them to US secondary sanctions.
The US Treasury’s Office of Foreign Assets Control sanctioned four major Iranian cryptocurrency exchanges on June 2, 2026, including the market leader Nobitex. Consequently, any dealings with these entities are now prohibited for US persons and carry new risks for global financial institutions. The designations also name Nobitex’s chairman, two co-founders, and its current CEO for their roles.
Elliptic analysis shows these exchanges have sent or received crypto assets totaling at least $40 billion. However, Iranian crypto exchanges were already blocked under existing US sanctions prior to this specific listing. The new action adds a counterterrorism designation and triggers secondary sanctions for non-US entities.
Nobitex processed over half of all Iranian digital asset inflows last year. Meanwhile, Elliptic has linked the exchange to wallets associated with the IRGC, Hamas, and North Korean Hacking groups. Research cited by the Treasury shows the Central Bank of Iran acquired over $500 million in USDT, much of it routed through Nobitex to support the rial.
Capital flight activity spiked immediately following recent US-Israeli military strikes. Consequently, the Treasury stated Nobitex helped move regime assets abroad during internet blackouts. Foreign virtual asset service providers and stablecoin issuers now have clear grounds to freeze related assets.
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