Nobitex, Iran’s largest cryptocurrency exchange, was founded by two brothers from one of the Islamic Republic’s most influential families with ties to top leaders, according to a Reuters investigation.
The exchange, which currently accounts for most of Iran’s crypto activity, was founded by Ali and Mohammad Kharrazi. The duo operated under the alternative name “Aghamir”, which they used in corporate documents and in their professional lives, masking their connections with the Kharrazi dynasty, According to to the report.
The Kharrazi family has long held positions close to the country’s leadership, with ties spanning generations in power, including ties to Al Khamenei and his successor Mojtaba Khamenei.
Ali and Mohammad’s grandfather reportedly served on the Assembly of Experts, the body responsible for appointing Iran’s supreme leader, and was once Mojtaba Khamenei’s teacher. The report said their father, Ayatollah Bagher Kharrazi, founded an Iranian political group called Hezbollah and was involved in the early recruitment of the Islamic Revolutionary Guard Corps after the 1979 revolution.
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Nobitex works even in times of war
Nobitex, which reportedly serves more than 11 million customers, has 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 worth of transactions were completed during the war, with significant outflows moving abroad.
At the same time, investigators cited by Reuters claim that the platform processed transactions related to sanctioned entities. However, estimates vary. Analyst firm Elliptic identified about $366 million in suspicious flows, Chainalytic put the number closer to $68 million, and Crystal Intelligence identified about $22 million in direct transfers from sanctioned wallets.
Separate findings indicate that wallets linked to Iran’s central bank sent hundreds of millions of dollars worth of cryptocurrencies to Nobitex in 2025, part of a broader strategy to bypass financial restrictions. The dispute involving businessman Babak Zanjani also revealed wallet addresses that analysts said revealed at least $20 million in transferred state funds.
In the post, Babak Zanjani, an Iranian billionaire convicted of fraud, criticizes the Central Bank of Iran. Source: Reuters
Nobitex has reportedly denied any ties to the government, saying illegal transactions constitute a diminutive part of its overall business.
Related: Iran Sees BTC as a Strategic Asset, but USD Still Dominates Oil Rates: BPI
The US seized Iranian cryptocurrencies worth $500 million
The United States has seized nearly $500 million in Iran-linked cryptocurrencies, Cointelegraph reports, significantly expanding its financial crackdown in a campaign known as Operation Economic Fury.
The latest figures represent a pointed boost over previously disclosed totals, including $344 million in frozen digital assets, with stablecoin issuer Tether helping to freeze the funds.
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