Political Elite Behind Iran’s Largest Crypto Exchange
Nobitex, Iran’s dominant crypto exchange, was founded by brothers Ali and Mohammad Kharrazi from one of Iran’s most powerful political families.
The Kharrazi family is related by marriage to all three supreme leaders of Iran. The brothers registered the exchange in 2018 under a different surname (Aghamir Mohammad Ali) while using their real family name in other records. They co-founded it with CEO Amir Hosein Rad.
Ties to Iranian Regime and Sanctions Evasion
Reuters traced hundreds of millions of dollars linked to sanctioned Iranian entities — including the Central Bank and the IRGC — flowing through Nobitex since 2018.
The brothers’ grandfather served in the Assembly of Experts, and their father founded a political group tied to the Islamic Revolutionary Guard Corps. Nobitex handles around 70% of Iran’s crypto activity and has roughly 11 million users.
Illicit Funds and Continued Operations During War
Blockchain analytics firms report varying figures of suspect transactions on Nobitex, ranging from $22 million to $366 million. The Central Bank of Iran alone sent hundreds of millions through the platform.
The exchange continued operating even during the nationwide internet blackout in late February 2026, processing over $100 million during the U.S.-Israeli conflict.
Sanctions Gap and International Concerns
Despite new U.S. sanctions on Iran’s shadow banking system in April 2026, Nobitex and the Kharrazi family remain unsanctioned by Western governments.
Nobitex denied any government ties and claimed illicit funds were only a tiny fraction of total volume. The findings have raised fresh concerns about how adversarial nations are using crypto to bypass the global financial system.
