Iran's 'Money Machine' Bombarded by US, Revealing State Wealth
The United States has imposed new sanctions on Iran, specifically targeting the country’s largest cryptocurrency exchange, Nobitex. The US accuses Nobitex of enabling the Iranian government and blacklisted state institutions to evade US sanctions.
These latest sanctions follow a Reuters investigative report published on 1 May 2026. The report highlights Nobitex’s central role in a parallel financial system used to process hundreds of millions of dollars for the Iranian central bank and the Islamic Revolutionary Guard Corps (IRGC). The investigation also revealed how Nobitex continued to operate and process millions of dollars in transactions even after the local government implemented internet shutdowns.
“As the Iranian economy plummets, the regime has chosen to exploit digital asset technology for its own corrupt agenda, including evading sanctions and transferring wealth abroad,” said US Treasury Secretary Scott Bessent in a statement, as reported by Reuters on Wednesday (3/6/2026).
The Reuters investigation further showed that Nobitex is controlled by two brothers from the Kharrazi family, one of the most influential families in Iran with close ties to the country’s Supreme Leader. According to the company’s track record, when fund transactions commenced, both individuals were registered under rare alternative identities used by family members.
The US Treasury Department announced on Tuesday (2/6) local time that two brothers, named Seyed Mohammad Ali Aghamir Mohammad Ali and Seyed Mohammad Aghamir Mohammad Ali, have been sanctioned individually. Additionally, Nobitex CEO Amir Hossein Rad has also been targeted.
In the US Treasury statement, it was noted that Nobitex has provided significant support to the Iranian government and facilitated massive digital transactions linked to the Iranian central bank and the IRGC. “Following the commencement of US combat operations in Iran, Nobitex played a role in protecting and moving assets and funds out of Iran to safeguard the regime’s wealth, despite internet outages,” the US Treasury statement read.
Nobitex could not be reached for comment regarding the sanctions. In a statement sent via email to Reuters in April 2026, Nobitex claimed they have no direct connection to the government and denied assisting the state. The company stated that any illegal funds flowing through Nobitex were processed without the management’s approval or knowledge. The company also denied that the two Kharrazi brothers ever used alternative identities or altered their credentials.