Iran’s Crypto Shadow Network: Nobitex Tied To Power Dynasty And Sanctioned Money Flows

• Nobitex, Iran’s largest crypto exchange, was reportedly created by two brothers from the prominent Kharrazi family, according to Reuters.
• The exchange allegedly handled “tens to hundreds of millions of dollars” associated with Iran’s state bank and the IRGC to circumvent Western sanctions.
• Nobitex, which is said to handle about 70% of Iran's crypto transactions and claims to have over 11 million users, has denied any connection to the government and says it is a private, independent company.

Iran’s largest cryptocurrency exchange, Nobitex, was reportedly founded by two brothers from Iran’s elite Kharrazi family and processed large volumes of transactions tied to sanctioned entities.

According to a Reuters report, Nobitex handled “between tens and hundreds of millions of dollars” in transactions linked to Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC), based on blockchain analysis reviewed by investigators for Reuters. 

The report noted that Nobitex, launched in 2018, has grown into a central part of Iran’s financial system, acting as a workaround to Western sanctions that have largely cut the country off from global banking infrastructure.

Corporate and registry records reviewed by Reuters linked Nobitex’s founders to the Kharrazi family, one of Iran’s most influential political dynasties with ties to the country’s leadership and clerical establishment. 

The brothers reportedly used an alternative surname when founding the exchange, obscuring their direct connection to the family in early corporate filings.

Iran’s Crypto Backbone

Reuters reported that the platform handles around 70% of Iran’s cryptocurrency transactions and has more than 11 million users, which is over 10% of the country’s population.” The exchange has reportedly been used by both ordinary citizens navigating inflation and restricted banking access. Despite this, Reuters said it “found no indications that anyone in the Kharrazi family has been sanctioned,” even as other Iranian-linked financial actors have faced penalties.

Nobitex reportedly denied government ties in statements to Reuters, saying it is “a private and independent business” and that any illicit activity on the platform occurred without its knowledge or approval.

Still, investigators cited by Reuters said sanctioned funds continued to flow through the exchange, with one analysis noting how routing transactions via Nobitex could “blur the source of the funds.”

As reported earlier, estimates from multiple blockchain analytics firms, including Elliptic, identified roughly $366 million in transactions processed through Nobitex, while Chainalysis estimated $68 million. The report claims the exchange handles $11 billion in cryptocurrency transfers, and even the largest estimate is barely 3%.

The scale of activity also reflects Iran’s growing role in global crypto markets. The country is considered among the larger state-linked holders of Bitcoin (BTC), while its broader crypto economy is estimated to be worth nearly $8 billion. 

In April alone, Iran’s central bank reportedly acquired roughly $507 million worth of Tether (USDT), underscoring how digital assets are increasingly being used alongside traditional financial channels.

Bitcoin’s price has remained resilient, trading at $78,611, up 0.4% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘neutral’ zone, while chatter stayed at ‘normal’ levels over the past day. 

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