Who Is Behind Nobitex?
A Reuters investigation has identified the founders of Nobitex, Iran’s dominant crypto exchange, as brothers Ali and Mohammad Kharrazi, members of one of the country’s most politically connected families. The report said the brothers registered the company in 2018 using an alternative surname in corporate filings and public materials.
According to Reuters, the Kharrazi family is tied by marriage to Iran’s senior leadership, with deep links to political and religious institutions. The brothers co-founded the exchange alongside chief executive Amir Hosein Rad, who is not related to the family.
In a statement to Reuters, Nobitex denied any government affiliation and said any illicit funds moving through the platform represented a small share of total activity.
How Much Sanctioned Activity Has Moved Through the Platform?
Reuters reported that hundreds of millions of dollars in transactions linked to sanctioned Iranian entities, including the central bank and the Islamic Revolutionary Guard Corps, have flowed through Nobitex since 2018.
Estimates vary across blockchain analytics firms. Elliptic identified around $366 million in suspect flows, while Chainalysis estimated roughly $68 million and Crystal Intelligence pointed to about $22 million in direct transfers from sanctioned wallets. All three firms told Reuters the true figures are likely higher.
Separate analysis cited in the report found that wallets linked to the Central Bank of Iran sent approximately $347 million to Nobitex in the first half of 2025 alone, part of a broader effort to acquire crypto assets.
Investor Takeaway
Why Has Nobitex Avoided Sanctions So Far?
Despite a new round of U.S. sanctions targeting Iran’s “shadow banking architecture” on April 28, Nobitex has not been designated by Western governments. Reuters reported no indication that members of the Kharrazi family have been sanctioned.
This gap has drawn attention in Washington. Senator Elizabeth Warren described the findings as a “flashing red light,” pointing to the use of digital assets to move funds outside the U.S.-led financial system.
The absence of formal designation leaves a gray area for global counterparties and service providers interacting with flows connected to the platform.
Investor Takeaway
How Has Nobitex Operated During Conflict and Restrictions?
Reuters reported that Nobitex has continued processing transactions خلال the ongoing conflict involving Iran, including during a nationwide internet blackout imposed on Feb. 28.
Blockchain analytics firms cited in the report said the exchange processed more than $100 million in transactions during the conflict period, with roughly $54 million withdrawn, much of it moving abroad to brokers that convert crypto into cash.
Internet monitoring data showed that only a small fraction of the population retained access during the blackout, suggesting that activity was concentrated among users with approved connectivity.
The exchange’s ability to maintain operations under these conditions highlights the role of crypto infrastructure in maintaining financial flows despite physical and digital restrictions.