Iran’s leading cryptocurrency exchange, Nobitex, is confronting intense examination following a Reuters report that reveals its founders are members of the influential Kharrazi family, who used an alias to establish the platform. The report surfaces at a time when blockchain data indicates increased cryptocurrency outflows from Iran amidst geopolitical tensions, though the exchange maintains it is a private entity without government affiliations.
Ali and Mohammad Kharrazi launched Nobitex in 2018 under the surname Aghamir, as disclosed by Reuters. The siblings belong to a family with substantial political and clerical influence in Iran. Nobitex claims to have 11 million users and process approximately 70% of all crypto transactions within the country, making it a dominant player in Iran’s digital economy.
The Reuters investigation also highlights blockchain records and testimonies suggesting transactions linked to sanctioned Iranian bodies, including the central bank and the Islamic Revolutionary Guard Corps (IRGC). Critics argue that Nobitex operates as part of an alternative financial system that circumvents traditional banking channels. However, the exchange has firmly denied any direct ties to state institutions, stating it is a private and independent business with no contracts or relationships with the IRGC, central bank, or other government organs.
This situation amplifies existing worries about cryptocurrency’s role in sanctioned nations. Crystal Intelligence’s Nick Smart commented that separating legitimate Iranian users from state-affiliated activity on a single platform like Nobitex presents a significant compliance challenge, as it is difficult to distinguish between the regime’s operations and ordinary citizens’ transactions.
The scrutiny intensified after U.S. and Israeli airstrikes on Tehran led to a surge in withdrawals from Nobitex. Crypto.news reported a more than 700% increase in outflows within minutes of the strikes, with user withdrawals exceeding $500,000 initially and reaching nearly $3 million over the following days. Elliptic data indicates that Nobitex enables users to convert rial to cryptocurrency and transfer funds to external wallets, facilitating capital movement abroad when banking options are restricted. However, TRM Labs offered a different perspective, suggesting the spike might be due to reduced transaction volumes during internet blackouts, which saw Iran’s connectivity drop by roughly 99% after the strikes, rather than solely capital flight.