Verify a decision

{"actor":"system:backfill","investigation_id":"50d0d8ed-d4d0-4f10-a3fc-57c7dab3b37c","kind":"publish","page_slug":"ramzinex","published_at":"2026-06-04T17:15:53.706Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Ramzinex","sections":[{"content":"On June 2, 2026, OFAC added Ramzinex to the Specially Designated Nationals (SDN) list pursuant to Executive Order 13902, which authorizes sanctions against persons operating in the financial sector of the Iranian economy. The designation was announced as part of the 'Economic Fury' campaign, the Trump administration's most sweeping action to date against Iran's digital asset infrastructure. OFAC stated that Ramzinex 'has processed over $2.45 billion in transactions, including for transactions linked to the IRGC and a financial institution backed by the Iranian government, and has been used for sanctions evasion.' The three co-designated exchanges — Nobitex, Wallex, and Bitpin — were designated under both E.O. 13902 and E.O. 13224 (counter-terrorism). Ramzinex was designated solely under E.O. 13902, indicating the primary basis was operation within Iran's financial sector rather than a direct terrorism-financing nexus, though the IRGC connection was cited in the supporting narrative. All property and interests in property of Ramzinex in the United States or in the possession of U.S. persons are blocked. U.S. persons are prohibited from transacting with the entity. Under secondary sanctions provisions, foreign financial institutions conducting significant transactions with Ramzinex face correspondent account restrictions and potential secondary designation exposure.","heading":"OFAC Designation and Regulatory Status","severity":"critical","sources":[{"credibility":1,"name":"Economic Fury Targets Iran's Largest Digital Asset Exchange for Terror Finance and Sanctions Evasion — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0519"},{"credibility":2,"name":"Three Enforcement Layers in Five Months: OFAC Designates Iran's Domestic Crypto Exchanges — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/three-enforcement-layers-in-five-months-ofac-designates-irans-domestic-crypto-exchanges"},{"credibility":2,"name":"OFAC Sanctions Nobitex and Major Iranian Cryptocurrency Exchanges in Sweeping Evasion Crackdown — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/ofac-sanctions-iranian-crypto-exchanges-june-2026/"}]},{"content":"The Treasury Department's press release states that Ramzinex processed transactions linked to the Islamic Revolutionary Guard Corps (IRGC) — a U.S.-designated Foreign Terrorist Organization — and to a financial institution backed by the Iranian government. No specific transaction amounts, wallet addresses, or named counterparties are disclosed in the public record for Ramzinex; detailed on-chain forensics disaggregated by exchange were not published in the Treasury's June 2, 2026 press release. TRM Labs attributed Ramzinex across millions of addresses on Bitcoin, Ethereum, and TRON, consistent with the analytical methodology used for all four designated exchanges. Chainalysis announced it had labeled relevant cryptocurrency addresses associated with Ramzinex in its product suite following the designation. Elliptic's aggregate analysis found the four sanctioned exchanges sent or received cryptoasset transactions totaling at least $40 billion combined, though no per-exchange breakdown was published.","heading":"IRGC and Government-Linked Transactions","severity":"critical","sources":[{"credibility":1,"name":"Economic Fury Targets Iran's Largest Digital Asset Exchange for Terror Finance and Sanctions Evasion — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0519"},{"credibility":2,"name":"Three Enforcement Layers in Five Months: OFAC Designates Iran's Domestic Crypto Exchanges — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/three-enforcement-layers-in-five-months-ofac-designates-irans-domestic-crypto-exchanges"},{"credibility":2,"name":"OFAC Sanctions Nobitex and Three Other Iranian Cryptoasset Exchanges — Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges"}]},{"content":"According to TRM Labs, Ramzinex processed approximately $739 million in attributed crypto volume in 2025, making it the fourth-largest of the four sanctioned Iranian exchanges by 2025 volume. For context, Nobitex processed approximately $4.7 billion (over 50% of Iran's attributed inflows), Wallex approximately $1.45 billion, and Bitpin approximately $821 million. The four exchanges together accounted for approximately $7.7 billion — roughly 78% — of Iran's total attributed crypto volume in 2025. Since founding in 2018, Ramzinex's cumulative lifetime transaction volume exceeded $2.45 billion according to the Treasury press release. The exchange reportedly supported over 300 cryptocurrencies and claimed a user base of over 1 million accounts. These user and token figures are drawn from third-party business intelligence profiles (LinkedIn, IranTalent) and should be treated as indicative rather than independently audited.","heading":"Transaction Volume and Market Position","severity":"high","sources":[{"credibility":2,"name":"Three Enforcement Layers in Five Months: OFAC Designates Iran's Domestic Crypto Exchanges — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/three-enforcement-layers-in-five-months-ofac-designates-irans-domestic-crypto-exchanges"},{"credibility":1,"name":"Economic Fury Targets Iran's Largest Digital Asset Exchange for Terror Finance and Sanctions Evasion — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0519"},{"credibility":3,"name":"Ramzinex LinkedIn Company Profile","type":"other","url":"https://ir.linkedin.com/company/ramzinex"}]},{"content":"Ramzinex was founded in 2018 in Tehran, Iran. Its registered legal names include Mubadala Ramzinex and Ramzineh Electronic Commerce Innovation Company. According to its LinkedIn profile, the company is headquartered at Salehi Boulevard, Sharif Technology Tower, Tehran (postal code 1458883443) and employed between 51 and 200 staff. The founding team was reportedly drawn from graduates of Sharif University of Technology with backgrounds in finance, security, and business administration. Mohammad Hakimi is identified as CEO through professional networking profiles (LinkedIn, RocketReach); no other named executives appear in the public record. The platform offered spot trading, stop-loss orders, leverage trading, and automated trading bots, and described itself as 'a secure Iranian platform that's simple, fast, and professional.' During periods of geopolitical stress in 2025–2026, including Israeli military strikes that disrupted Iranian internet infrastructure, Ramzinex paused cryptocurrency deposits and withdrawals while stating that client assets were held in cold storage.","heading":"Company Background and Operations","severity":"medium","sources":[{"credibility":3,"name":"Ramzinex LinkedIn Company Profile","type":"other","url":"https://ir.linkedin.com/company/ramzinex"},{"credibility":3,"name":"Mohammad Hakimi — LinkedIn","type":"other","url":"https://www.linkedin.com/in/mohammad-hakimi-b6025241/"},{"credibility":2,"name":"Iran Crypto Market 'In the Dark': Trading Volumes Plunge 80% After Strikes — Finance Magnates via TradingView","type":"news_article","url":"https://www.tradingview.com/news/financemagnates:9acb8e13d094b:0-iran-crypto-market-in-the-dark-trading-volumes-plunge-80-after-strikes/"}]},{"content":"Under the secondary sanctions provisions attached to the June 2, 2026 OFAC designations, foreign financial institutions — including non-U.S. exchanges, banks, and payment processors — that conduct significant transactions with Ramzinex face the risk of correspondent account restrictions and secondary designation by OFAC. This risk extends to any counterparty that knowingly facilitates significant transactions on behalf of Ramzinex after the designation date. Compliance analysts at Global Ledger, TRM Labs, and Elliptic have each issued guidance noting that the explicit inclusion of secondary sanctions language in this action marks a higher degree of extraterritorial enforcement intent compared to some prior Iran-related designations. Global blockchain analytics firms Chainalysis and TRM Labs have labeled Ramzinex's attributed addresses in their respective screening products to enable downstream compliance checks.","heading":"Secondary Sanctions Risk for Third Parties","severity":"high","sources":[{"credibility":2,"name":"OFAC Targets Nobitex and Other Iranian Crypto Exchanges: Compliance Brief — Global Ledger","type":"research","url":"https://blog.globalledger.io/research-investigations/ofac-nobitex-iranian-crypto-exchanges"},{"credibility":2,"name":"Three Enforcement Layers in Five Months: OFAC Designates Iran's Domestic Crypto Exchanges — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/three-enforcement-layers-in-five-months-ofac-designates-irans-domestic-crypto-exchanges"},{"credibility":2,"name":"Nobitex Sanctions Hit Iran's Largest Crypto Exchange as Compliance Risks Grow — Bitcoin.com News","type":"news_article","url":"https://news.bitcoin.com/nobitex-sanctions-hit-irans-largest-crypto-exchange-as-compliance-risks-grow/"}]},{"content":"The June 2, 2026 action is described by TRM Labs as the third major enforcement layer in five months targeting Iran's crypto infrastructure, following earlier actions in early 2026. The simultaneous designation of Nobitex (Iran's largest exchange by volume), Wallex, Bitpin, and Ramzinex was characterized by Treasury as its most expansive single action against Iran's digital asset economy to date. The designations target exchanges that collectively processed approximately 78% of Iran's attributed crypto volume in 2025, effectively targeting the dominant layer of Iran's domestic crypto on-ramp and off-ramp infrastructure. The action was conducted under the 'Economic Fury' campaign framing, which the Trump administration has used for a series of Iran-related economic pressure measures. The CoinDesk report published June 2, 2026 placed this action within the context of ongoing U.S.-Iran tensions and the use of crypto by sanctioned states to circumvent traditional financial restrictions.","heading":"Broader Enforcement Context","severity":"high","sources":[{"credibility":2,"name":"U.S. Sanctions Iranian Crypto Exchanges in Ongoing War Against the Country — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/06/02/u-s-sanctions-iranian-crypto-exchanges-in-ongoing-war-against-country"},{"credibility":2,"name":"Three Enforcement Layers in Five Months: OFAC Designates Iran's Domestic Crypto Exchanges — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/three-enforcement-layers-in-five-months-ofac-designates-irans-domestic-crypto-exchanges"},{"credibility":2,"name":"OFAC Sanctions Nobitex and Three Other Iranian Cryptoasset Exchanges — Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges"}]}],"sources_used":[{"credibility":1,"name":"Economic Fury Targets Iran's Largest Digital Asset Exchange for Terror Finance and Sanctions Evasion — U.S. Department of the Treasury","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0519"},{"credibility":2,"name":"Three Enforcement Layers in Five Months: OFAC Designates Iran's Domestic Crypto Exchanges — TRM Labs","type":"research","url":"https://www.trmlabs.com/resources/blog/three-enforcement-layers-in-five-months-ofac-designates-irans-domestic-crypto-exchanges"},{"credibility":2,"name":"OFAC Sanctions Nobitex and Major Iranian Cryptocurrency Exchanges in Sweeping Evasion Crackdown — Chainalysis","type":"research","url":"https://www.chainalysis.com/blog/ofac-sanctions-iranian-crypto-exchanges-june-2026/"},{"credibility":2,"name":"OFAC Sanctions Nobitex and Three Other Iranian Cryptoasset Exchanges — Elliptic","type":"research","url":"https://www.elliptic.co/blog/ofac-sanctions-nobitex-and-three-other-iranian-cryptoasset-exchanges"},{"credibility":2,"name":"Nobitex Sanctions Hit Iran's Largest Crypto Exchange as Compliance Risks Grow — Bitcoin.com News","type":"news_article","url":"https://news.bitcoin.com/nobitex-sanctions-hit-irans-largest-crypto-exchange-as-compliance-risks-grow/"},{"credibility":2,"name":"U.S. Sanctions Iranian Crypto Exchanges in Ongoing War Against the Country — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2026/06/02/u-s-sanctions-iranian-crypto-exchanges-in-ongoing-war-against-country"},{"credibility":2,"name":"OFAC Targets Nobitex and Other Iranian Crypto Exchanges: Compliance Brief — Global Ledger","type":"research","url":"https://blog.globalledger.io/research-investigations/ofac-nobitex-iranian-crypto-exchanges"},{"credibility":2,"name":"US Treasury Sanctions Iran's Largest Crypto Exchange Nobitex Along With Three Other Iranian Platforms Under Economic Fury Campaign — Unchained","type":"news_article","url":"https://unchainedcrypto.com/us-treasury-sanctions-irans-largest-crypto-exchange-nobitex-along-with-three-other-iranian-platforms-under-economic-fury-campaign/"},{"credibility":2,"name":"Iran Crypto Market 'In the Dark': Trading Volumes Plunge 80% After Strikes — Finance Magnates via TradingView","type":"news_article","url":"https://www.tradingview.com/news/financemagnates:9acb8e13d094b:0-iran-crypto-market-in-the-dark-trading-volumes-plunge-80-after-strikes/"},{"credibility":2,"name":"US Sanctions Iranian Crypto Exchanges Nobitex, Bitpin, Ramzinex, and Wallex — MEXC News","type":"news_article","url":"https://www.mexc.com/news/1126101"},{"credibility":3,"name":"Ramzinex LinkedIn Company Profile","type":"other","url":"https://ir.linkedin.com/company/ramzinex"},{"credibility":3,"name":"Mohammad Hakimi — LinkedIn (CEO, Ramzinex)","type":"other","url":"https://www.linkedin.com/in/mohammad-hakimi-b6025241/"}],"summary":"Ramzinex (legal name: Mubadala Ramzinex; also registered as Ramzineh Electronic Commerce Innovation Company) is an Iranian cryptocurrency exchange founded in 2018 and headquartered in Tehran. On June 2, 2026, the U.S. Treasury's Office of Foreign Assets Control (OFAC) designated Ramzinex under Executive Order 13902, citing facilitation of transactions linked to the Islamic Revolutionary Guard Corps (IRGC), a government-backed Iranian financial institution, and sanctions evasion. The designation was part of the Trump administration's broader 'Economic Fury' campaign, which simultaneously sanctioned three other major Iranian exchanges: Nobitex, Wallex, and Bitpin.","timeline":[{"date":"2018-01-01","event":"Ramzinex founded in Tehran, Iran by a team reportedly including graduates of Sharif University of Technology.","source":"U.S. Department of the Treasury press release SB0519","source_url":"https://home.treasury.gov/news/press-releases/sb0519"},{"date":"2026-06-02","event":"OFAC designates Ramzinex (legal name: Mubadala Ramzinex / Ramzineh Electronic Commerce Innovation Company) under Executive Order 13902 as part of the Economic Fury campaign, citing $2.45B in lifetime transactions including IRGC-linked activity and sanctions evasion. Simultaneously designated alongside Nobitex, Wallex, and Bitpin.","source":"U.S. Department of the Treasury press release SB0519","source_url":"https://home.treasury.gov/news/press-releases/sb0519"}]},"v":1}