Nobitex Founders Linked to Elite Iranian Family, Report Finds

Investigation Reveals Political Connections Behind Major Crypto Exchange

Nobitex, Iran’s largest crypto trading platform, was founded by brothers Ali Kharrazi and Mohammad Kharrazi, according to a detailed investigation. The report states the founders used an alternative surname in official filings while maintaining ties to one of the country’s most politically connected families.

Links to Iran’s Political and Religious Establishment

The Kharrazi family is closely associated with Iran’s leadership structure. Their grandfather reportedly served on the Assembly of Experts, while their father, Ayatollah Bagher Kharrazi, founded a political organization and played a role in early development of the Islamic Revolutionary Guard Corps.

Allegations of Sanctioned Transactions Through Platform

Blockchain analytics cited in the report suggest hundreds of millions of dollars linked to sanctioned entities, including the Central Bank of Iran, may have moved through Nobitex since 2018. Estimates vary, with firms identifying between $22 million and $366 million in potentially illicit flows.

Exchange Denies Government Ties

Nobitex denied any affiliation with the Iranian government, stating that illicit activity represents only a small fraction of overall transactions and occurred without management’s knowledge.

Continued Operations Amid Conflict and Sanctions

Despite new sanctions targeting Iran’s financial networks, Nobitex remains undesignated by Western authorities. The platform continues to process transactions, even during internet restrictions, maintaining a dominant share of Iran’s crypto activity with millions of users.