Iran’s largest crypto exchange, Nobitex, is facing renewed scrutiny after a Reuters report revealed that it was founded by two brothers from the influential Kharrazi family operating under a different surname.
Founders and ownership questions
According to Reuters, Ali and Mohammad Kharrazi launched Nobitex in 2018 using the name “Aghamir.” The report links them to a powerful political and clerical family in Iran, raising fresh questions about the platform’s background and influence.
Nobitex has since grown into the country’s dominant crypto exchange, reportedly serving around 11 million users and processing nearly 70% of Iran’s crypto transactions.
Exchange denies state ties
Investigators cited blockchain data and interviews suggesting that transactions linked to sanctioned Iranian entities—including the central bank and the Islamic Revolutionary Guard Corps—may have passed through the platform.
However, Nobitex has strongly denied any government affiliation, stating it operates as a “private and independent business” with no contracts or relationships with state institutions.
The situation highlights ongoing concerns about crypto usage in sanctioned economies, where digital assets can provide alternative channels outside traditional banking systems.
Compliance challenges
Experts say platforms like Nobitex create complex compliance issues. Crystal Intelligence executive Nick Smart noted that distinguishing between ordinary users and state-linked activity is extremely difficult, as both may operate on the same exchange.
Surge in withdrawals after strikes
The scrutiny also comes amid a spike in crypto outflows following U.S. and Israeli airstrikes on Tehran. Data shows withdrawals from Nobitex surged sharply—reportedly jumping over 700% within minutes of the strikes.
Blockchain analytics firms estimated that users withdrew over $500,000 shortly after the initial attacks, with total outflows nearing $3 million over the following days.
Nobitex’s ability to convert Iranian rials into crypto and enable transfers to external wallets makes it a key tool for moving funds internationally when traditional banking access is restricted.
Still, not all analysts agree on the cause of the spike. TRM Labs suggested the surge may partly reflect reduced transaction volumes due to widespread internet outages, as connectivity in Iran reportedly dropped by nearly 99% during the strikes.
