OFAC Blacklists Nobitex, Wallex, Bitpin, and Ramzinex
The United States Department of the Treasury has escalated its financial campaign against Tehran, blacklisting Iran’s dominant cryptocurrency exchanges. The Office of Foreign Assets Control (OFAC) targeted Nobitex, the nation’s largest digital asset platform, alongside three other prominent exchanges: Wallex, Bitpin, and Ramzinex.
According to federal authorities, these platforms functioned as critical financial conduits, enabling sanctions evasion, money laundering, and the facilitation of transactions tied to the Islamic Revolutionary Guard Corps (IRGC) and affiliated ransomware syndicates.
The Scale of Iranian Crypto Inflows
The Treasury’s enforcement action exposes the massive scale of the Iranian domestic crypto market. The sanctioned entities controlled the vast majority of digital asset flows within the country during 2025.
Market Share of Sanctioned Iranian Exchanges (2025)
- Nobitex: 50% of all domestic digital asset inflows
- Wallex: 12% of domestic inflows
- Bitpin: 10% of domestic inflows
- Ramzinex: Processed over $2.45 billion in lifetime transactions
In addition to processing standard retail and commercial transactions, the Treasury alleges that Nobitex actively assisted the Central Bank of Iran (CBI). The exchange reportedly helped the central bank access hundreds of millions of dollars in stablecoins, such as USDT, in a desperate bid to stabilize the rapidly depreciating Iranian rial.
“As promised, Treasury will continue to follow the money in support of Economic Fury, whether it is through the banking system or through digital assets, to prevent the regime from developing a nuclear weapon.”— Scott Bessent, US Treasury Secretary
Targeting the Leadership and Elite Networks
The sanctions extend beyond corporate entities to target key individuals steering these platforms. Among those designated are Amir Hossein Rad, the co-founder and chairman of Nobitex, who played a pivotal role in rebuilding the exchange’s infrastructure after a devastating $90 million hack in June 2025. The current CEO, Seyed Ali Khoee, was also blacklisted.
Notably, the sanctions expose deep ties between the crypto platforms and Iran’s ruling elite. Co-founders Seyed Mohammad Ali Aghamir and Seyed Mohammad Aghamir Mohammad Ali are identified as members of the influential Kharrazi family, which maintains close ties to Supreme Leader Ali Khamenei.
This action follows previous aggressive measures by US authorities and private issuers. In April, stablecoin issuer Tether froze $344.2 million across two wallets linked directly to the Central Bank of Iran. Treasury Secretary Bessent revealed that the US government has seized approximately $1 billion in cryptocurrency from Iranian-linked wallets and exchanges since the inception of its enforcement campaign.
Frequently Asked Questions
Why did the US Treasury sanction Nobitex and other Iranian exchanges?
The exchanges were sanctioned for facilitating terrorist financing, assisting the Islamic Revolutionary Guard Corps (IRGC), helping the Central Bank of Iran bypass sanctions via stablecoins, and processing transactions for state-linked ransomware actors.
What is the market dominance of Nobitex in Iran?
Nobitex is Iran’s largest cryptocurrency exchange, processing more than 50% of all digital asset inflows into the country in 2025.
Have any funds been seized or frozen during this campaign?
Yes. The US Treasury has seized around $1 billion in crypto assets from Iranian wallets and exchanges. Additionally, Tether froze $344.2 million in stablecoins linked to the Central Bank of Iran in April.
