A Reuters investigation reveals that Nobitex, Iran’s largest cryptocurrency exchange, was founded by brothers from the politically influential Kharrazi family, who used an alternative surname. The exchange, serving over 11 million customers, processed over $100 million in transactions during recent conflicts and has been linked by analysts to sanctioned entities and state funds aimed at bypassing international restrictions. The United States has seized nearly $500 million in Iranian-linked crypto as part of its enforcement actions.
A Reuters investigation found that Iran’s biggest crypto exchange, Nobitex, was founded by brothers Ali and Mohammad Kharrazi. The brothers operated under the surname “Aghamir,” masking links to their powerful family, which has generational ties to Iran’s supreme leaders.
The Kharrazi family has long held positions close to the country’s leadership. Their grandfather served on the body that appoints the supreme leader, and their father founded an Iranian political group named Hezbollah.
Nobitex has remained operational throughout ongoing conflicts, including during nationwide internet blackouts. Analysts said the platform processed more than $100 million in transactions during the war, with significant outflows moving abroad.
Investigators cited say the platform has processed transactions linked to sanctioned entities. Estimates of these flows vary from $22 million to $366 million according to different analytics firms.
Separate findings indicate 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.
Nobitex has reportedly denied any government affiliation. The exchange claimed that illicit transactions represent a small share of overall activity.
The United States has seized nearly $500 million in cryptocurrency linked to Iran. This action is part of a campaign known as Operation Economic Fury.
