Nobitex, Iran’s largest cryptocurrency exchange, was founded by two brothers with deep ties to the Kharrazi family, a powerful dynasty connected to the country’s supreme leaders, according to a Reuters investigation. The exchange has processed hundreds of millions of dollars in transactions, including during wartime, raising concerns about sanctions evasion.
Nobitex Founders Linked to Kharrazi Family
The Reuters report, published on May 3, 2026, reveals that Ali and Mohammad Kharrazi launched Nobitex under the alias “Aghamir.” This surname masked their connection to the Kharrazi family, which has held positions close to Iran’s leadership for generations.
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Their grandfather served on the Assembly of Experts, the body that appoints Iran’s supreme leader. He also tutored Mojtaba Khamenei, the successor to Ali Khamenei. Their father, Ayatollah Bagher Kharrazi, founded an Iranian political group named Hezbollah and helped staff the Islamic Revolutionary Guard Corps after the 1979 revolution.
This family network suggests a direct link between Nobitex and Iran’s ruling elite. Industry watchers note that such connections could explain the exchange’s resilience during international sanctions.
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Nobitex Operations During War
Nobitex claims to serve over 11 million customers. It remained operational throughout the ongoing conflict involving the United States and Israel, even during a nationwide internet blackout.
Analysts told Reuters that more than $100 million in transactions were processed during the war. Significant outflows moved abroad, indicating capital flight. The implication is that Nobitex functions as a financial lifeline for Iranians, but also as a conduit for sanctioned entities.
Sanctions Concerns and Data Discrepancies
Investigators cited by Reuters say the platform processed transactions linked to sanctioned entities. However, estimates vary widely. Analytics firm Elliptic identified roughly $366 million in suspect flows. Chainalysis placed the figure closer to $68 million. Crystal Intelligence identified about $22 million in direct transfers from sanctioned wallets.
This suggests a lack of transparency in the data. The discrepancy could be due to different methodologies or incomplete blockchain analysis. What this means for investors is that Nobitex’s compliance claims are difficult to verify.
Central Bank Ties and State Fund Routing
Separate findings indicate that wallets associated with Iran’s central bank sent hundreds of millions of dollars’ worth of cryptocurrency to Nobitex in 2025. This was part of a broader strategy to bypass financial restrictions.
A dispute involving businessman Babak Zanjani exposed wallet addresses that analysts say revealed at least $20 million in routed state funds. Zanjani, an Iranian billionaire convicted of fraud, posted criticism of the Central Bank of Iran on social media.
Nobitex has denied any government affiliation. The exchange claims that illicit transactions represent a small share of overall activity. But the evidence suggests otherwise.
US Seizes $500 Million in Iranian Crypto
As Cointelegraph reported, the US has seized nearly $500 million in cryptocurrency linked to Iran. This is part of a campaign known as Operation Economic Fury.
The latest figure marks a sharp increase from previously disclosed totals. This includes $344 million in frozen digital assets. Stablecoin issuer Tether assisted in freezing funds. The implication is that US authorities are intensifying efforts to disrupt Iran’s crypto-based sanctions evasion.
Data from the US Department of Justice shows that the seizures target wallets tied to the Islamic Revolutionary Guard Corps and other sanctioned entities. This could signal a broader crackdown on crypto exchanges operating in sanctioned jurisdictions.
Industry Impact and Regulatory Response
The Nobitex revelations have sparked debate among crypto industry participants. Some argue that exchanges should implement stronger know-your-customer (KYC) and anti-money laundering (AML) procedures. Others say that decentralized finance (DeFi) offers a way to avoid such scrutiny.
Regulators in the US and Europe are watching closely. The Financial Action Task Force (FATF) has issued guidelines for virtual asset service providers. But enforcement remains uneven.
What this means for the broader market is that exchanges with ties to sanctioned entities face increased legal risk. Investors should conduct due diligence before using platforms in high-risk jurisdictions.
Conclusion
The Reuters investigation into Nobitex reveals a crypto exchange founded by brothers from a family tied to Iran’s supreme leaders. The platform processed hundreds of millions of dollars in transactions, including during wartime, and faces allegations of sanctions evasion. US seizures of Iranian crypto underscore the growing regulatory pressure. The case highlights the need for transparency and compliance in the crypto industry.
FAQs
Q1: What is Nobitex?
Nobitex is Iran’s largest cryptocurrency exchange, founded by Ali and Mohammad Kharrazi, brothers from the Kharrazi family with ties to the country’s supreme leaders.
Q2: Who are the Kharrazi family?
The Kharrazi family is a powerful Iranian dynasty with ties to Supreme Leader Ali Khamenei and his successor Mojtaba Khamenei. Members have served in key political and military roles.
Q3: How much crypto did Nobitex process during the war?
Analysts told Reuters that more than $100 million in transactions were processed during the ongoing conflict, with significant outflows moving abroad.
Q4: Is Nobitex linked to Iran’s central bank?
Separate findings indicate that wallets associated with Iran’s central bank sent hundreds of millions of dollars’ worth of cryptocurrency to Nobitex in 2025, part of a strategy to bypass financial restrictions.
Q5: What is the US doing about Iranian crypto?
The US has seized nearly $500 million in cryptocurrency linked to Iran under Operation Economic Fury, targeting wallets tied to sanctioned entities.
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