Iran’s biggest cryptocurrency exchange is now facing global attention after a new investigation revealed who is behind it. According to a report by Reuters, the platform at the center of this story is Nobitex, a company that has quietly grown to dominate crypto activity inside the country.
The exchange was founded by two brothers, Ali and Mohammad Kharrazi, who reportedly used a different surname, “Aghamir,” in their business dealings to keep their background out of public view. That detail matters because their real family name connects them to one of the most influential political families in Iran, with ties that stretch close to the country’s leadership over several decades.
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How Family Influence and Crypto Intersect
The Kharrazi family has long been part of Iran’s political structure, with links that reach into powerful institutions and figures, including those close to Ali Khamenei. Members of the family have held key roles in shaping parts of the country’s political and security systems over time.
This background has added a new layer of attention to Nobitex, especially as it continues to grow. The exchange is said to serve millions of users and handle a large share of Iran’s crypto transactions. Nobitex has also managed to keep running during difficult periods, even when the country faced conflict and internet shutdowns.
Analysts cited by Reuters say that more than $100 million moved through Nobitex during recent tensions involving the United States and Israel, even during an internet blackout, with much of it sent outside the country.
The report also points to concerns around sanctioned activity. Elliptic estimates about $366 million in suspicious flows, while Chainalysis puts it at $68 million and Crystal Intelligence at around $22 million.
Separate findings suggest wallets linked to Iran’s central bank sent large amounts of crypto to the exchange, with a case involving Babak Zanjani revealing at least $20 million in routed funds. Overall, while the numbers differ, all reports point to some level of flagged activity moving through the platform.
The US Steps Up Its Crypto Crackdown
While this is happening, the United States has been increasing its focus on crypto linked to Iran, stepping up efforts to cut off financial channels tied to the country.
Authorities say they have now seized close to $500 million in digital assets, a sharp jump from earlier figures, with about $344 million of that total frozen with help from Tether, which assisted in blocking certain transactions. This growing crackdown shows how seriously regulators are treating the role of crypto in global financial disputes.
Against that backdrop, pressure has continued to build around Nobitex, prompting the company to respond directly to the claims raised in the Reuters report. Nobitex has denied any direct link to the government and insists it does not support state activity in any form. It maintains that transactions connected to state entities make up only a very small part of its overall activity, far below the figures shared by investigators.
The company has also been firm in how it defines itself, stating, “Nobitex is a private and independent business. It has never been an arm of the government and has never had any relationship, arrangement, agreement, or contract with the Central Bank of Iran, the IRGC, or any other governmental body.”
The company continues to present itself as a normal exchange serving everyday users.
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