Iran's Nobitex Exchange Said to Have Ties to Political Elite, Remained Active During Conflict

Odaily Planet Daily reports that Nobitex, Iran's largest cryptocurrency exchange, was founded by a member of the Kharrazi family, which is described as having close links to Iran's top leadership. Investigations said the platform was set up by brothers Ali and Mohammad Kharrazi, who previously used the surname "Aghamir" to obscure their family connection. The Kharrazi family is reported to have long-standing ties to Iran's political establishment, including historical links to Ali Khamenei and subsequent leadership. According to the report, Nobitex now serves more than 11 million users and holds a dominant position in Iran's crypto market. It also continued operating during the conflict involving Iran, the U.S., and Israel, processing transactions even as nationwide internet disruptions were reported. Analysts cited trading volume topping $100 million during the period, alongside sizable outbound capital flows. Separately, multiple onchain analytics firms have flagged past activity on the platform involving transactions linked to sanctioned entities, with estimated volumes ranging from $22 million to $366 million. Additional data cited in the report said wallets associated with Iran's central bank transferred hundreds of millions of dollars in crypto assets to Nobitex in 2025, allegedly to bypass financial sanctions. Nobitex denied having ties to the government and said illicit transactions represent only a small share of its overall business. (Cointelegraph)