A recent investigation by Reuters has pulled back the curtain on Nobitex, Iran’s dominant cryptocurrency exchange, revealing that its roots are deeply embedded in the country’s most powerful political circles. While the platform has long marketed itself as a private venture, records indicate it was founded by Ali and Mohammad Kharrazi—two brothers belonging to a dynasty with direct ties to Iran’s Supreme Leaders.
To maintain a degree of separation from their influential lineage, the brothers reportedly operated under the surname “Aghamir” in corporate filings and professional settings. This tactical choice effectively masked their connection to the Kharrazi family, a name synonymous with Iranian state power for generations. The family’s influence is extensive: their grandfather served on the Assembly of Experts and tutored Mojtaba Khamenei, while their father, Ayatollah Bagher Kharrazi, was a foundational figure in the Islamic Revolutionary Guard Corps (IRGC) and the founder of the Iranian political group Hezbollah.
Bypassing Sanctions and Moving State Funds Through Crypto
Beyond the family ties, the scale of Nobitex’s operations suggests it plays a critical role in Iran’s broader economic strategy. Serving over 11 million customers, the exchange has remained remarkably resilient, staying online even during nationwide internet blackouts. This stability has allowed it to process over $100 million in transactions during periods of active regional conflict, with a significant portion of those funds flowing to international destinations.
The exchange is now under intense scrutiny by global blockchain analysts for its role in navigating international financial restrictions. Investigations highlight a pattern of suspect activity:
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Sanctioned Entities: Analytics firms have flagged varying amounts of suspect flows. Elliptic estimates these at roughly $366 million, while Chainalysis and Crystal Intelligence report figures of $68 million and $22 million, respectively.
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Central Bank Activity: In 2025, wallets linked to Iran’s Central Bank reportedly transferred hundreds of millions in cryptocurrency to Nobitex, a move viewed by experts as a coordinated effort to bypass global banking sanctions.
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The Zanjani Dispute: A public fallout involving convicted billionaire Babak Zanjani further exposed the platform’s inner workings. Zanjani’s criticisms of the Central Bank unintentionally revealed wallet addresses that analysts claim were used to route at least $20 million in state-owned funds.
Despite these findings, Nobitex has maintained its stance as an independent entity. The company denies any formal government affiliation, arguing that the volume of illicit transactions represents only a tiny fraction of its total trading activity. However, as the intersection of state power and digital finance becomes clearer, the “private” status of Iran’s largest exchange continues to be a subject of international debate.
