OFAC Sanctions Nobitex and Major Iranian Cryptocurrency Exchanges in Sweeping Evasion Crackdown

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated four major Iranian cryptocurrency exchanges: Nobitex, Bitpin, Ramzinex, and Wallex. The enforcement action heavily targets Nobitex, the largest Iranian exchange responsible for 50% of volumes and part of a terror-financing network. The broad scope of these designations introduces significant secondary sanctions risks for any international financial institution that continues to process transactions for these Iranian entities.