TechFlow News, May 3: According to a Reuters investigation, Nobitex—the largest cryptocurrency exchange in Iran—was founded by members of the Kharrazi family, which maintains close ties to Iran’s highest leadership. The investigation reveals that the exchange was established by brothers Ali and Mohammad Kharrazi, who previously used the surname “Aghamir” to conceal their connection to the Kharrazi family—a family long embedded in Iran’s political core, including historical links to Supreme Leader Ali Khamenei and his designated successors.
The report notes that Nobitex currently serves over 11 million users and dominates Iran’s cryptocurrency market. It continued operating throughout the ongoing conflict between Iran and the United States and Israel—even during nationwide internet outages—and processed transactions throughout this period. Analysts estimate that its trading volume exceeded $100 million during wartime, accompanied by substantial capital outflows overseas.
Moreover, several on-chain analytics firms have identified that the platform processed transactions linked to sanctioned entities, with estimated volumes ranging from $22 million to $366 million. Additional data shows that wallets associated with the Central Bank of Iran transferred hundreds of millions of dollars worth of cryptocurrency assets to Nobitex in 2025—widely believed to be an effort to circumvent financial sanctions. Nobitex has denied any affiliation with the Iranian government and stated that illicit transactions constitute only a small fraction of its overall business.
