While millions of Iranians rely on Nobitex to safeguard their savings amid economic turmoil, a new report suggests the platform may also serve as a conduit for financial flows tied to the Central Bank and the IRGC.
A new investigative report has revealed that Nobitex, Iran’s largest cryptocurrency exchange—widely used by millions of ordinary citizens seeking to preserve their savings—may also function as a key financial conduit for sanctioned entities within the Iranian regime, including the Central Bank and the Islamic Revolutionary Guard Corps (IRGC).
According to the report published by Reuters on Friday, May 1, Nobitex was founded by two brothers, Ali and Mohammad Kharazi, members of the influential Kharazi family, though they operated under the lesser-known surname “Aghamir.” The Kharazi family has long-standing ties to Iran’s political establishment.
Reuters reports that the brothers concealed their family connections for years, even from some close associates. They are reportedly related through their father to Kamal Kharazi, a prominent regime diplomat who was killed in a direct Israeli strike during last month’s conflict.
Nobitex has firmly denied the allegations. In a statement to Reuters, the company described itself as a “private and independent business,” asserting that it has never acted as a government arm and has no agreements or affiliations with the Central Bank, the IRGC, or any other state institution. The exchange also stated that any illicit financial activity conducted through its platform would have occurred without the knowledge or approval of its management.
However, the significance of the report extends beyond the founders’ family ties. Reuters highlights Nobitex’s central role in Iran’s sanctions-stricken economy. Amid the collapse of the national currency, soaring inflation, and restricted access to international banking systems, many Iranians have turned to cryptocurrency as a means of preserving wealth and accessing global markets.
Yet, blockchain analytics firms cited in the report indicate that the same platform has also been used to transfer millions of dollars linked to sanctioned entities.
Nobitex claims to have more than 11 million users—over 10 percent of Iran’s population—and reportedly accounts for approximately 70 percent of the country’s cryptocurrency trading volume. Since its launch in 2018, it has become the primary gateway for Iranians entering global crypto markets. Analysts note that this scale makes it extremely difficult to distinguish between legitimate civilian use and state-linked financial activity.
The report also points to Nobitex’s continued operation during recent wartime disruptions. According to Crystal Intelligence, the exchange processed over $100 million in transactions during a period marked by widespread internet outages and rolling blackouts in Tehran—roughly one-fifth of its normal activity.
This raises further concerns. While most Iranians reportedly lost access to the global internet during this period, NetBlocks found that only 1 to 2 percent of the population—those on a government-approved “whitelist”—remained connected. Reuters notes that users withdrew at least $54 million from Nobitex during that time.
Despite its scale and alleged role in facilitating sanctioned transactions, Nobitex has not been sanctioned by the United States or its allies. Reuters found no evidence that members of the Kharazi family are under Western sanctions, and it remains unclear why the exchange itself has avoided such measures.
The Kharazi Family Network
To establish the founders’ background, Reuters analyzed corporate records, Iranian government and banking data, and leaked databases. The findings suggest that Ali and Mohammad Kharazi belong to a third-generation family deeply embedded in Iran’s political, religious, and diplomatic institutions.
Family members have held roles in the Foreign Ministry, the Assembly of Experts, and advisory positions to Iran’s Supreme Leader. Their father, Ayatollah Bagher Kharazi, founded an organization known as “Hezbollah” in Iran—distinct from the Lebanese group—and has claimed involvement in shaping the early structure of the IRGC following the 1979 revolution.
Nobitex responded by emphasizing that neither the founders nor their father have held official government or military positions.
Evidence of Sanctions Evasion
A significant portion of the Reuters investigation focuses on how Nobitex may have been used to circumvent sanctions. Blockchain analytics firms reported tracking wallets linked to the Central Bank, the IRGC, and Iran-backed groups such as Yemen’s Houthis, which allegedly routed funds through the exchange.
Estimates vary: Elliptic identified approximately $366 million in suspicious transactions, Chainalysis reported around $68 million, and Crystal Intelligence estimated at least $22 million in direct transfers from sanctioned wallets. All firms suggested that the true figures are likely higher.
Nobitex did not dispute these figures outright but stated that any illicit transactions represent only a “very small portion” of total activity and were conducted without the company’s knowledge. It added that accounts involved in suspicious activity are permanently closed when identified.
Clues from Babak Zanjani
The investigation also draws on revelations involving Babak Zanjani, a convicted Iranian billionaire known for his role in evading oil sanctions. During a public dispute with the Central Bank, Zanjani disclosed several cryptocurrency wallet addresses.
These disclosures enabled analysts to trace a complex financial network, with Nobitex reportedly at the center of part of it. According to Crystal Intelligence and another analyst, at least $20 million in sanctioned funds linked to the Central Bank was transferred to addresses controlled by Nobitex.
Elliptic further reported that a network of wallets associated with Iran’s Central Bank purchased over $500 million in cryptocurrency between November 2024 and June 2025, with approximately $347 million sent to Nobitex in the first half of 2025 alone.
Global Connections and Regulatory Gaps
Reuters also revisited Nobitex’s interactions with global crypto players. In a 2022 report, the agency revealed that Binance processed $7.8 billion in transactions for Nobitex, potentially enabling the circumvention of U.S. sanctions.
Binance’s founder was later convicted in 2024 for violating U.S. anti-money laundering laws and, in 2025, was pardoned by U.S. President Donald Trump.
A Dual-Use Platform
The Reuters report ultimately portrays Nobitex as a dual-use platform. On one hand, it has provided millions of Iranians with critical access to financial tools amid economic isolation. On the other, analysts argue it may operate within a parallel financial system facilitating transactions for sanctioned state actors.
Nick Smart, a senior intelligence official at Crystal Intelligence, noted that this duality complicates the issue. “A significant portion of Nobitex’s activity is tied to ordinary Iranian users,” he said, adding that distinguishing between civilian and government-linked transactions is inherently difficult.
The findings have already drawn reactions in Washington. Senator Elizabeth Warren, a senior Democrat on the Senate Banking Committee, described the report as a “flashing red warning,” arguing that U.S. adversaries are increasingly turning to digital assets as alternatives to the Western-led financial system.
A Trump administration official, responding to Reuters, stated that Washington remains committed to its “maximum pressure” strategy aimed at limiting Tehran’s ability to generate, transfer, and repatriate financial resources—though Nobitex was not mentioned by name.
