Nobitex, Iran’s biggest crypto exchange, was founded by two brothers from one of the Islamic Republic’s most influential families with ties to the supreme leaders, according to a Reuters investigation.
The exchange, which now accounts for the majority share of Iran’s crypto activity, was launched by Ali and Mohammad Kharrazi. The duo operated under the alternative surname “Aghamir,” which they used across corporate records and professional life, masking links to the Kharrazi dynasty, according to the report.
The Kharrazi family has long occupied positions close to the country’s leadership, with ties spanning generations of power, including links to Ali 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 once tutored Mojtaba Khamenei. Their father, Ayatollah Bagher Kharrazi, founded an Iranian political group named Hezbollah and was involved in early staffing of the Islamic Revolutionary Guard Corps following the 1979 revolution, per the report.
Related: Iran is Weighing Crypto Tolls for Ships using Strait of Hormuz: Report
Nobitex remains operational even during war times
Nobitex, which reportedly serves over 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 in transactions were processed during the war, with significant outflows moving abroad.
At the same time, investigators cited by Reuters say the platform has processed transactions linked to sanctioned entities. However, estimates vary. Analytics firm Elliptic identified roughly $366 million in suspect flows, while Chainalysis placed the figure closer to $68 million and Crystal Intelligence identified about $22 million in direct transfers from sanctioned wallets.
Separate findings indicate wallets associated with Iran’s central bank sent hundreds of millions of dollars’ worth of cryptocurrency to Nobitex in 2025, part of a broader strategy to bypass financial restrictions. A dispute involving businessman Babak Zanjani also exposed wallet addresses that analysts say revealed at least $20 million in routed state funds.
The post by Babak Zanjani, an Iranian billionaire convicted of fraud, criticises the Central Bank of Iran. Source: Reuters
Nobitex has reportedly denied any government affiliation, claiming that illicit transactions represent a small share of overall activity.
Related: Iran views BTC as strategic asset, but USDt still dominates oil tolls: BPI
US seizes $500 million in Iranian crypto
As Cointelegraph reported, the US has seized nearly $500 million in cryptocurrency linked to Iran, significantly expanding its financial crackdown under a campaign known as Operation Economic Fury.
The latest figure marks a sharp increase from previously disclosed totals, including $344 million in frozen digital assets, with stablecoin issuer Tether assisting in freezing funds.