The United States announced sanctions on Iran’s largest cryptocurrency exchange, Nobitex, on Tuesday, accusing it of helping the Iranian government and blacklisted state institutions evade Western sanctions
The sanctions follow a Reuters investigation published on May 1, which found that Nobitex had become a key part of a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC).
The report also revealed that Nobitex continued operating during a government-imposed internet shutdown, processing millions of dollars in transactions.
“While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country,” US Treasury Secretary Scott Bessent said in a statement.
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