The true owners of the largest Iranian cryptocurrency exchange have been identified., 2026/05/03 10:03:13

The founders of Iran’s largest cryptocurrency exchange, Nobitex, are Ali and Mohammad Kharrazi, members of one of the most influential families in the Islamic Republic, as revealed by an investigation from Reuters. The brothers registered the exchange under a fictitious surname.

According to the investigation’s findings, Ali and Mohammad Kharrazi established the company in 2018 using the false name Aghamir Mohammad Ali. This name appeared in corporate documents as well as in Nobitex’s marketing materials. The brothers co-founded the company with CEO Amir Hosein Rad, who is not directly related to the family.

The Kharrazi family has strong ties to Iran’s political elite, as reported by Reuters. The brothers’ grandfather was a member of the Assembly of Experts, the body responsible for selecting the supreme leader of the country, and served as a mentor to Mojtaba Khamenei, the son of Ayatollah Ali Khamenei. Their father, Ayatollah Bagher Kharrazi, founded the Iranian political organization “Hezbollah” (long before the emergence of the Lebanese group) and, according to Reuters, assisted in recruiting for the Islamic Revolutionary Guard Corps (IRGC) following the 1979 revolution.

Since 2018, hundreds of millions of dollars have flowed through Nobitex in transactions linked to Iranian state entities under sanctions, including the Central Bank of Iran and the IRGC, as noted by Reuters. The investigation also revealed that one of the largest early investors in Nobitex, Mohammad Bagher Nahvi, serves as the deputy chairman of Safiran Airport Services. In September 2022, this company was sanctioned by the U.S. Treasury for coordinating flights related to the supply of Iranian drones to Russia.

Nobitex has denied any connection to the government in a statement to Reuters. The company asserted that the brothers have not changed their surname and that any illicit funds passing through the platform represent “a very small portion of the overall volume” and occur without the management’s knowledge.

Nobitex is the largest cryptocurrency exchange in Iran, boasting approximately 11 million users. The platform handles about 70% of the country’s cryptocurrency activity. Blockchain researchers have repeatedly accused the exchange of facilitating a significant volume of funds associated with the IRGC and evading international sanctions.

Analytical firms have varying estimates of the volume of suspicious transactions on Nobitex. Elliptic reported around $366 million in suspicious flows, Chainalysis estimated about $68 million, while Crystal Intelligence noted approximately $22 million in direct transfers from sanctioned wallets. All three firms believe that the actual figures may be higher. According to Elliptic, in the first half of last year, wallets controlled by the Central Bank of Iran transferred about $347 million to Nobitex. This amount is part of a broader program for cryptocurrency purchases by the Central Bank.

Nobitex continues to process transactions amid the ongoing military conflict between the U.S. and Israel with Iran, as reported by Reuters, citing Crystal Intelligence and other blockchain analysts. During the conflict, Nobitex processed over $100 million in transactions, which accounts for about 20% of the usual volume for that period. Since the onset of the war, clients have withdrawn $54 million from the exchange. A significant portion of these funds has been sent abroad to brokers converting cryptocurrency into cash. Meanwhile, the exchange and the Kharrazi family have yet to be subjected to U.S. sanctions, according to Reuters.

Recently, U.S. authorities seized Iranian cryptocurrency assets valued at nearly $500 million, stated U.S. Treasury Secretary Scott Bessent. The official indicated that the seizure is linked to military operations against Iran.