Reuters: Iran’s Largest Crypto Exchange Nobitex Linked to Ayatollah Khamenei’s Relatives

Iran's largest crypto exchange Nobitex linked to influential Kharrazi clan.

Iran’s largest cryptocurrency exchange, Nobitex, is linked to the influential Kharrazi clan, which has been part of the country’s leadership circle for decades, according to an investigation by Reuters.

The platform’s founders are brothers Ali and Mohammad Kharrazi. To conceal their connection to the dynasty, they used the surname Agamir in corporate documents. The Kharrazi family is closely associated with Iran’s Supreme Leader Ali Khamenei. The founders’ grandfather was a member of the Assembly of Experts, and their father was involved in forming the Islamic Revolutionary Guard Corps (IRGC).

Nobitex accounts for the majority of crypto activities in Iran, with over 11 million users. The exchange continued operations even during internet shutdowns in the country. Analysts recorded transactions exceeding $100 million during periods of heightened regional conflicts.

According to the report, the platform processed funds from sanctioned organizations. Estimates from analytical companies vary:

• Elliptic identified suspicious flows amounting to $366 million;
• Chainalysis estimated the volume at $68 million;
• Crystal Intelligence found $22 million in direct transfers from sanctioned wallets.

In 2025, wallets linked to Iran’s Central Bank transferred hundreds of millions of dollars to Nobitex. Experts view this as part of a strategy to circumvent financial sanctions.

Nobitex representatives deny any government connections. They claim the share of illegal transactions in total trading volume is insignificant.

Analysts Dispute Connection of Blocked USDT to Iran

Experts from Nominis analyzed wallets recently sanctioned by the US. Their data suggests the funds may belong to state actors other than Iran.

Last week, Tether, at the request of the US Treasury, blocked over $344 million in USDT. The department linked these addresses to IRGC activities.

Nominis CEO Snir Levy noted that the behavior of these wallet owners differs from typical Iranian patterns. The IRGC usually distributes assets across multiple transit addresses with small balances and does not hold them for long. In this case, the transaction structure appears different.

Levy suggested the infrastructure might belong to Chinese state entities or other foreign networks. In his view, standard monitoring methods are becoming outdated as major players continually change their blockchain usage strategies.

The blockade was part of Operation Epic Fury. US Treasury Secretary Scott Bessent stated that the total amount of seized Iranian crypto assets reached $500 million. He said the campaign aims to exert maximum economic pressure on Tehran.

Amid sanctions, Iran has entered a currency crisis. In December, one of the country’s largest banks closed, and the national currency fell by 60–70% against the US dollar.

In April, journalists reported on a new scheme of bitcoin extortion for passage through the Strait of Hormuz.