A new Reuters investigation has raised serious concerns about Nobitex, Iran's largest cryptocurrency exchange, describing it as a major channel in a parallel financial system that helps move money around US sanctions. The report reveals that the exchange is controlled by two sons from the influential Kharrazi family, a powerful political and clerical clan with close connections to Iran's new supreme leader.
Launched in 2018 by brothers Ali and Mohammad Kharrazi, Nobitex claims to have about 11 million users — more than 10% of Iran's population. According to Reuters, ordinary Iranians have turned to the platform due to a "weak rial and persistent inflation" and barriers that make traditional banking less accessible.
The investigation, which included blockchain analysis by Crystal Intelligence and interviews with four private financial investigators, says Nobitex has processed transactions worth between "tens of millions and hundreds of millions of dollars" connected to sanctioned groups, including Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC). Six former employees told Reuters they believed the exchange was used by Iran's government and security agencies to bypass Western financial sanctions.
Estimates of illicit activity vary widely: Elliptic identified around $366 million in suspect flows, Chainalysis estimated roughly $68 million, and Crystal Intelligence pointed to about $22 million in direct transfers from sanctioned wallets. All three firms told Reuters the true figures are likely higher. Separate analysis found that wallets linked to the Central Bank of Iran sent approximately $347 million to Nobitex in the first half of 2025 alone.
Nobitex has denied any government affiliation, telling Reuters there has never been any agreement with any Iranian government agency. The exchange argued that it has faced significant operational restrictions imposed by the Iranian government, including office raids, domain blocking, and closures of banking gateways.
Despite a new round of US sanctions targeting Iran's "shadow banking architecture" on April 28, Nobitex has not been designated by Western governments. Senator Elizabeth Warren described the findings as a "flashing red light," pointing to the use of digital assets to move funds outside the U.S.-led financial system.
Nobitex continued processing transactions during the war between the US and Israel (which began on February 28) and operated even during a government-imposed nationwide internet shutdown. The exchange processed more than $100 million in transactions during the conflict period, with roughly $54 million withdrawn and moved abroad to brokers that convert crypto into cash.
