Nobitex handled over 50% of Iran's crypto inflows in 2025. The OFAC designation freezes US-held assets and blocks American persons from transacting. Stablecoin compliance faces new urgency.
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The US Treasury designated four Iranian cryptocurrency exchanges on June 2, severing the channels that funneled billions of dollars to sanctioned entities. The action, part of the Trump administration's 'Economic Fury' campaign, targets Nobitex, Iran's largest digital asset platform, along with Wallex, Bitpin, and Ramzinex.
Nobitex alone processed over 50% of all Iranian digital asset inflows in 2025. At its peak, the exchange managed roughly 70% of Iran's crypto activity and counted about 11 million users. The Office of Foreign Assets Control designation freezes any US-held assets and prohibits American persons from transacting with the exchange or its associated wallets.
OFAC designated Nobitex under Executive Orders 13224 and 13902, citing its role in facilitating hundreds of millions in stablecoins for the Central Bank of Iran. Reports from May 2026 indicated the platform processed at least $2.3B since 2023 for sanctioned Iranian entities, including the Islamic Revolutionary Guard Corps, which the US has designated as a foreign terrorist organization. The exchange's founders are reportedly tied to Supreme Leader Khamenei's inner circle. Nobitex relied heavily on Tron and BNB Chain for its operations.
The three other platforms each handled a significant slice of Iranian crypto flows:
| Platform | Share of Iranian Inflows (2025) | Notable Scale |
|---|---|---|
| Nobitex | Over 50% | 11 million users, peak 70% |
| Wallex | 12% | |
| Bitpin | 10% | |
| Ramzinex | N/A | Over $2.45B processed |
Treasury findings indicate that Nobitex facilitated hundreds of millions in stablecoins for the Central Bank of Iran. The platform's reliance on Tron and BNB Chain created a detection gap that the US action now aims to close. Stablecoin issuers like Tether and Circle face renewed pressure to demonstrate real-time blocking of sanctioned addresses. The NYDFS-EBA Pact Tightens Stablecoin Oversight Across Atlantic already raised compliance standards; this event will accelerate enforcement.
Reports from May 2026 stated that Nobitex processed at least $2.3B since 2023 for sanctioned Iranian entities, with a direct line to the IRGC. The designation under EO 13224 (targeting terrorism) and EO 13902 (targeting Iranian sectors) signals that the exchange was not merely a neutral platform an active part of the regime's financial infrastructure.
Any US-based investor or institution that has interacted with these four exchanges or their associated wallets now faces federal liability. OFAC designations are strict liability – ignorance of the counterparty is not a defense. The freeze on US-held assets means funds in compliant custody may be seized.
The Nobitex case adds to a growing regulatory narrative around sanctions evasion via stablecoins. Issuers must show they are blocking sanctioned addresses in real time, or risk facing their own designations. The Nobitex Sanctions Cut Iran's Stablecoin Pipeline for Rial Support details the immediate disruption to the rial-stablecoin mechanism.
In June 2025, a pro-Israel hacking group called Predatory Sparrow breached Nobitex and stole over $90 million. That incident crippled the exchange's operations and exposed vulnerabilities in its security. The combination of the hack and the OFAC designation now effectively neutralizes Nobitex as a functioning exchange.
Iran's crypto-savvy population – 11 million users on Nobitex alone – will need to find new on-ramps. This creates a vacuum that other regional exchanges or decentralized platforms may fill, with heightened compliance risk.
The sanctions cut off a key pipeline for Iran's stablecoin inflows. The full effect depends on how quickly alternative channels appear. For traders, the practical takeaway is clear: the risk of transacting with Iranian platforms is now existential, and the compliance burden on stablecoin issuers just got heavier.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.