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{"actor":"system:backfill","investigation_id":"e33b7aad-7706-43e0-b707-2f447e12fb52","kind":"publish","page_slug":"bitpin","published_at":"2026-06-04T17:11:00.929Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Bitpin","sections":[{"content":"On June 2, 2026, OFAC added Bitpin to the SDN list as part of the U.S. Treasury's 'Economic Fury' campaign — described by the Treasury as the largest enforcement action yet against Iran's digital asset economy. The designation was issued under two executive orders: E.O. 13224 (as amended), for materially assisting, sponsoring, or providing financial, material, or technological support to the Islamic Revolutionary Guard Corps (IRGC); and E.O. 13902, for operating in the financial sector of the Iranian economy. Three other Iranian exchanges — Nobitex, Wallex, and Ramzinex — were designated in the same action. The designation blocks all property and interests in property of Bitpin subject to U.S. jurisdiction and prohibits U.S. persons from transacting with the entity. Non-U.S. persons who conduct significant transactions with Bitpin face secondary sanctions exposure, meaning foreign financial institutions risk being cut off from the U.S. financial system.","heading":"OFAC Designation — June 2, 2026","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 Press Release","type":"regulatory","url":"https://home.treasury.gov/news/press-releases/sb0519"},{"credibility":1,"name":"Counter Terrorism and Iran-related Designations — OFAC Recent Actions, June 2, 2026","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20260602"},{"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":"Bitpin's registered legal name with Iranian authorities is Nooyan Bitpin, and its SDN entry lists an alternative name of Sana Ayman Mubadala. The company is registered in Iran under company number 14009960142 and was established in 2020. Its registered address is Unit 2, Floor 1, Viana (Alizadeh) Trade Complex, Building No. 42, Shahid Fatehi Blvd., Sharghayegh Alley, Anzali Free Zone, Bandar Anzali, Gilan 4333155170, Iran. The Anzali Free Zone location is notable as a designated special economic area. The OFAC designation classifies the entity under the 'Financial and Insurance Activities' sector. The platform operates publicly under the domain bitpin.ir.","heading":"Legal Identity and Registration","severity":"high","sources":[{"credibility":1,"name":"Counter Terrorism and Iran-related Designations — OFAC SDN List Entry, June 2, 2026","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20260602"},{"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"}]},{"content":"The U.S. Treasury's designation states that Bitpin processed millions of dollars in transactions linked to the IRGC. The IRGC is designated by the United States as a Foreign Terrorist Organization. The Treasury further alleged that Bitpin's investors have reportedly been linked to Iranian efforts to evade U.S. sanctions. According to a pre-designation analysis by the Substack outlet Wublock, Bitpin's primary investor is identified as Patco Company, one of whose subsidiaries — Arya Hamrah Samaneh — allegedly served as a front to circumvent U.S. sanctions in the telecommunications and computer equipment sector. This investor-level connection was a factor cited in the escalating sanctions risk analysis prior to the June 2026 designation. No specific individuals associated with Bitpin were named for individual designation in this OFAC action, in contrast to Nobitex, where several named executives were also designated.","heading":"IRGC-Linked Transactions and Sanctions Evasion Allegations","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":3,"name":"Current Status of Iran's Local Cryptocurrency Exchanges — Wublock (Substack)","type":"research","url":"https://wublock.substack.com/p/current-status-of-irans-local-cryptocurrency"},{"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":"Bitpin accounted for approximately 10% of all Iranian digital asset inflows in 2025, making it Iran's third-largest exchange by this metric among the four platforms designated in June 2026, behind Nobitex and Wallex. TRM Labs estimated Bitpin's 2025 on-chain volume at approximately USD 821 million. The four designated exchanges collectively represented roughly USD 7.7 billion — approximately 78% of Iran's attributed crypto volume — for 2025. Bitpin reported approximately 2.5 million users as of 2024 and approximately 210 employees, figures sourced from pre-designation industry analysis. The platform supported spot trading in more than 60 pairs denominated in Iranian rials and offered features including instant loans and 24/7 customer support. Prior to the OFAC designation, Bitpin operated under a Telegram support bot (@bitpinbot) and a Twitter/X presence (@bitpinmarket).","heading":"Scale and Market Position Within Iran","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":3,"name":"Current Status of Iran's Local Cryptocurrency Exchanges — Wublock (Substack)","type":"research","url":"https://wublock.substack.com/p/current-status-of-irans-local-cryptocurrency"},{"credibility":2,"name":"US Treasury Sanctions Iran's Largest Crypto Exchange Nobitex Along With Three Other Iranian Platforms Under Economic Fury Campaign — Unchained Crypto","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":"Bitpin Trade Volume and Market Listings — CoinMarketCap","type":"other","url":"https://coinmarketcap.com/exchanges/bitpin/"}]},{"content":"The June 2, 2026 designation of Bitpin was part of the Trump administration's 'Economic Fury' campaign targeting Iran's financial infrastructure. The simultaneous designation of four Iranian exchanges — Nobitex, Wallex, Bitpin, and Ramzinex — alongside individual executives at Nobitex was characterized by the Treasury as the largest-ever U.S. enforcement action against Iran's crypto economy. TRM Labs noted this action represented the third enforcement layer in a five-month escalation against Iranian crypto access. The four designated exchanges, all already treated as off-limits to U.S. persons under preexisting Iran sanctions programs, were for the first time explicitly listed on the SDN list, adding secondary sanctions exposure for non-U.S. actors. Chainalysis and other blockchain analytics firms noted that the four platforms collectively handled the majority of Iranian attributed crypto volume, and that all four were already attributed in analysts' entity graphs under Iran jurisdictional sanctions prior to the formal SDN listing.","heading":"Broader Enforcement Context: Economic Fury Campaign","severity":"high","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/"},{"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"}]},{"content":"Any U.S. person or entity transacting with Bitpin faces OFAC enforcement risk. Non-U.S. financial institutions that conduct significant transactions with Bitpin risk secondary sanctions, including potential restriction from correspondent accounts in the United States. Cryptocurrency exchanges, OTC desks, custodians, and payment processors globally are advised to screen for Bitpin's known identifiers, including its legal names (Nooyan Bitpin, Sana Ayman Mubadala) and its registered website (bitpin.ir). TRM Labs noted that all four designated Iranian exchanges were 'already attributed in TRM's entity graph under Iran jurisdictional sanctions' before the June 2026 SDN listing, indicating that compliance-focused platforms would have been blocking these entities under Iran program sanctions even before the explicit SDN addition. Any existing integrations, API connections, or liquidity arrangements with Bitpin must be unwound immediately by U.S. persons.","heading":"Compliance Risk for Third Parties","severity":"critical","sources":[{"credibility":1,"name":"Counter Terrorism and Iran-related Designations — OFAC, June 2, 2026","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20260602"},{"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":1,"name":"Counter Terrorism and Iran-related Designations — OFAC, June 2, 2026","type":"regulatory","url":"https://ofac.treasury.gov/recent-actions/20260602"},{"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":"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":"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":"US Treasury Sanctions Iran's Largest Crypto Exchange Nobitex Along With Three Other Iranian Platforms Under Economic Fury Campaign — Unchained Crypto","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":"US Treasury Sanctions Iranian Crypto Exchanges Including Nobitex for Terrorist Financing — Decrypt","type":"news_article","url":"https://decrypt.co/369816/us-treasury-sanctions-iranian-crypto-exchanges-nobitex-terrorist-financing"},{"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":3,"name":"Current Status of Iran's Local Cryptocurrency Exchanges — Wublock (Substack)","type":"community_report","url":"https://wublock.substack.com/p/current-status-of-irans-local-cryptocurrency"},{"credibility":2,"name":"Bitpin Trade Volume and Market Listings — CoinMarketCap","type":"other","url":"https://coinmarketcap.com/exchanges/bitpin/"}],"summary":"Bitpin (legal name: Nooyan Bitpin, also known as Sana Ayman Mubadala) is an Iranian cryptocurrency exchange founded in 2020 and headquartered in the Anzali Free Zone, Gilan, Iran. On June 2, 2026, the U.S. Treasury's Office of Foreign Assets Control (OFAC) designated Bitpin on the Specially Designated Nationals (SDN) list under Executive Orders 13224 and 13902, citing IRGC-linked transactions, sanctions evasion, and investors with alleged ties to circumventing U.S. restrictions. Bitpin accounted for approximately 10% of Iranian digital asset inflows in 2025 and processed an estimated USD 821 million in volume that year, making it Iran's third-largest exchange by that metric among the four simultaneously designated platforms.","timeline":[{"date":"2020-01-01","event":"Bitpin (registered as Nooyan Bitpin) established as an Iranian cryptocurrency exchange, headquartered in the Anzali Free Zone, Bandar Anzali, Gilan, Iran.","source":"OFAC SDN List Entry / CoinMarketCap","source_url":"https://ofac.treasury.gov/recent-actions/20260602"},{"date":"2025-12-31","event":"Bitpin accounts for approximately 10% of all Iranian digital asset inflows during 2025, processing an estimated USD 821 million in on-chain volume according to TRM Labs analysis, making it Iran's third-largest crypto exchange by that metric.","source":"TRM Labs / U.S. Department of the Treasury","source_url":"https://www.trmlabs.com/resources/blog/three-enforcement-layers-in-five-months-ofac-designates-irans-domestic-crypto-exchanges"},{"date":"2026-06-02","event":"OFAC designates Bitpin on the SDN list under E.O. 13224 (IRGC material support) and E.O. 13902 (Iran financial sector), as part of the 'Economic Fury' campaign. Designation is simultaneous with Nobitex, Wallex, and Ramzinex. Secondary sanctions apply. This is described by Treasury as the largest-ever U.S. enforcement action against Iran's digital asset economy.","source":"U.S. Department of the Treasury Press Release / OFAC","source_url":"https://home.treasury.gov/news/press-releases/sb0519"}]},"v":1}