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Iran IRGC Crypto Exchange Network (OFAC Sectoral Sanctions)

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[AI-DRAFTED · AWAITING FACT-CHECK]

Last changed 2026-11-02 · Fact-check review — Fact-check review (verdict: revise): the reviewer checked the page's claims against its sources; the judge moved the trust score from 2 to 0. Version history →

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anchored·qzxJ7j…tNXk
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Summary

Between June and September 2026, the U.S. Treasury's Office of Foreign Assets Control (OFAC) designated a network of Iranian and Iran-linked cryptocurrency exchanges — including Nobitex, Wallex, Bitpin, Ramzinex, Shelbit Exchange, Aban Tether, and BitBank — for allegedly laundering funds on behalf of Iran's Islamic Revolutionary Guard Corps (IRGC) and helping the Iranian regime evade sanctions. On August 24, 2026, as part of a campaign named 'Operation Economic Outcast,' OFAC issued a first-of-its-kind sectoral determination under Executive Order 13902 naming digital assets a sanctionable sector of Iran's economy, extending secondary-sanctions risk to any foreign person or entity operating in or supporting that sector, not just entities with direct terrorism links. Treasury and blockchain-analytics research describe IRGC-associated wallets as having received billions of dollars in cryptocurrency in 2025 alone.

Connected Entities

9 entities · 19 linked investigations
Organizations
□Amir Hossein Rad26□Nobitex4□Aban Tether0□Ivan Obukhov / Foscom FZE0□Siavash Kayvanpour0□Nobitex / Wallex / Bitpin / Ramzinex26
Exchanges
△Iran IRGC Crypto Exchange Network (OFAC Sectoral Sanctions)△BitBank (Iranian Crypto Exchange)0△Shelbit Exchange0
Relationships
  • Amir Hossein Rad→mentioned with→Nobitex(80%)
  • Aban Tether→mentioned with→Nobitex(70%)
  • Nobitex / Wallex / Bitpin / Ramzinex→mentioned with→Nobitex(80%)
  • Siavash Kayvanpour→mentioned with→Nobitex(80%)
  • BitBank (Iranian Crypto Exchange)→mentioned with→Nobitex / Wallex / Bitpin / Ramzinex(60%)
  • BitBank (Iranian Crypto Exchange)→mentioned with→Nobitex(60%)
  • BitBank (Iranian Crypto Exchange)→mentioned with→Aban Tether(75%)
  • Iran IRGC Crypto Exchange Network (OFAC Sectoral Sanctions)→mentioned with→Nobitex(80%)
  • Iran IRGC Crypto Exchange Network (OFAC Sectoral Sanctions)→mentioned with→BitBank (Iranian Crypto Exchange)(70%)
  • Iran IRGC Crypto Exchange Network (OFAC Sectoral Sanctions)→mentioned with→Nobitex / Wallex / Bitpin / Ramzinex(75%)
  • + 19 more
Also appears in
Cryptomus / Xeltox Enterprises Ltd.·0Nobitex June 2025 Hack (Predatory Sparrow)·10Huobi / HTX·25OFAC Iran Central Bank Crypto Wallet Freeze (July 2026)·0Ivan Obukhov / Foscom FZE·0SBI Crypto·75Shelbit Exchange·0Nobitex·4Iranian Crypto Exchanges OFAC Designation — Nobitex, Wallex, Bitpin, Ramzinex (June 2026)·0Blessed Trust & Hexa Whale·26

Connected Through

8 shared actors · 19 investigations

Distinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.

Have evidence about Iran IRGC Crypto Exchange Network (OFAC Sectoral Sanctions)?

Timeline(5 events)

2024

Iranian financier Babak Zanjani, previously sentenced to death in Iran for embezzlement from the National Iranian Oil Company, reportedly had his sentence commuted, after which Treasury alleges he rebuilt a financial network later used to move cryptocurrency to the IRGC.

U.S. Department of the Treasury

2 June 2026

OFAC designates Nobitex, Wallex, Bitpin, and Ramzinex — described as Iran's four largest cryptocurrency exchanges — under Executive Orders 13224 and 13902.

Elliptic

7 August 2026

OFAC sanctions Shelbit Exchange, Aban Tether, and Siavash Kayvanpour along with a network of associated front companies in Georgia, Poland, and the UAE, alleging billions of dollars laundered on behalf of the IRGC.

U.S. Department of the Treasury

24 August 2026

Treasury launches 'Operation Economic Outcast'; OFAC issues a first-of-its-kind sectoral determination under Executive Order 13902 naming digital assets a sanctionable sector of Iran's economy, alongside aviation, gold, shipping, and technology, and designates nearly 60 additional entities, individuals, and vessels.

Sullivan & Cromwell LLP

September 2026

OFAC designates BitBank and its software developer, Pishtaz Simorgh Electronic Trade Company, along with three associates of financier Babak Zanjani, alleging hundreds of millions of dollars in bitcoin transfers to the IRGC between June and July 2026.

The Block
Provenance & Audit Trail
Recorded on Solana ✓Verify on-chain14 Wayback Archives

Decision Log

  • #3review revise-10Recorded on Solana ✓11/2/2026, 3:56:48 AM
    slot 464352112 · hash DRE9uYQuTPCYd2dbbRmyqffHurjZjbuscJhAZc3mwEsC
  • #2reviewRecorded on Solana ✓11/2/2026, 3:56:48 AM
    slot 464352107 · hash 57dbef3k3vLUJpsF14LQnZn1vCKj1z7uHtnQSn496W6q
  • #1publishRecorded on Solana ✓9/18/2026, 11:28:45 PM
    slot 448231972 · hash k3HmoB6HVUm3xvWJxdgsAByc8CWJx5gBM71kHyWmCMP

This investigation is cryptographically anchored to the Solana blockchain (3 decisions). 14 of 14 cited source URLs have an Internet Archive snapshot.

Fact-checked 2026-11-029 claims checked0 corrections pending0 applied⛓ anchoredSee findings →
full audit log →version history →

model: claude-code-investigator

generated: 9/18/2026, 11:24:26 PM

last updated: 11/2/2026, 3:56:49 AM

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