US sanctions Iran’s largest crypto exchange over IRGC links
Key takeaways
- The report also revealed how Nobitex continued operating even after the government-imposed internet shutdown, processing millions of dollars of transactions.
- The Reuters investigation showed how Nobitex is controlled by two brothers from one of Iran’s most powerful families, with close ties to the new supreme leader.
- Nobitex had provided “significant support” to the Iranian government and facilitated a “significant number” of digital transactions linked to the IRGC and Iran’s central bank, the U.S.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize LONDON: The United States (US) announced sanctions on Iran’s biggest cryptocurrency exchange on Tuesday, accusing it of enabling the Iranian government and blacklisted state institutions to circumvent Western sanctions.
The new sanctions follow a Reuters investigation published on May 1 which showed how Nobitex had become a central node in a parallel financial system used to process hundreds of millions of dollars for Iran’s central bank and the Islamic Revolutionary Guard Corps. The report also revealed how Nobitex continued operating even after the government-imposed internet shutdown, processing millions of dollars of 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,” Treasury Secretary Scott Bessent said in a statement., opens new tab