Nobitex, Iran's Dominant Crypto Exchange, Founded by Elite Political Family Connected to Supreme Leaders

According to a Reuters investigation published Friday, Nobitex, Iran's dominant crypto exchange, was founded by brothers Ali and Mohammad Kharrazi from an elite political family connected by marriage to all three supreme leaders of the Islamic Republic. The exchange claims roughly 11 million users and handles about 70% of Iran's crypto activity.

Reuters traced blockchain analytics data showing Elliptic identified approximately $366 million in suspect flows through Nobitex, while a separate analysis found Iran's Central Bank transferred about $347 million to the exchange in the first half of 2025. Nobitex denied any government affiliation and characterized illicit funds as a "very small fraction of overall volume." The U.S. Treasury announced new sanctions on Iran's shadow banking infrastructure on April 28, but Nobitex was not designated.