U.S. SANCTIONS IRAN'S LARGEST CRYPTO EXCHANGE

OFAC's action targets Nobitex's role in processing financial transactions connected to ransomware payments and terrorist funding. The sanctions prohibit U.S. persons and entities from transacting with the platform. Nobitex, based in Iran, has served as a primary on-ramp for converting fiat currency to cryptocurrency within the country. The exchange's connection to ransomware activity aligns with broader U.S. efforts to disrupt cybercriminal infrastructure and illicit finance networks. The designation adds to mounting pressure on cryptocurrency platforms operating in Iran. U.S. authorities have increasingly targeted crypto exchanges that facilitate sanctions evasion or criminal activity, particularly those handling ransomware proceeds. OFAC maintains an expanding list of sanctioned crypto entities as regulators worldwide heighten scrutiny of digital asset platforms used for illicit purposes.