Key Takeaways
- • Nobitex, Iran's largest cryptocurrency exchange with 11 million users, is controlled by two brothers from the elite Kharrazi family who founded it in 2018 under an alternative surname to obscure their identity and connections.
- • The IRGC (Islamic Revolutionary Guard Corps) has used Nobitex to process tens to hundreds of millions of dollars in transactions, with blockchain analysis revealing wallets linked to the IRGC received over $3 billion in cryptocurrency during 2025.
- • Nobitex has facilitated fund flows for sanctioned Iranian entities including Iran's central bank and the IRGC while avoiding U.S. and allied sanctions designations, despite processing transactions for blacklisted state institutions.
- • The Kharrazi family maintains deep ties to Iran's power structure, with connections to the supreme leader, positioning Nobitex as a critical financial infrastructure asset for the Iranian state to circumvent international banking restrictions and access the global economy.
- • The exchange serves dual purposes: ordinary Iranians use it to hedge against currency devaluation and inflation, while state institutions leverage it as a sanctions-evasion mechanism, with Iran's Central Bank reportedly purchasing over $500 million in USDT stablecoins in 2025.
Summary
Nobitex, Iran's largest cryptocurrency exchange, is controlled by two brothers from the Kharrazi family—one of the Islamic Republic's most influential dynasties—who established the platform in 2018 under an alternative family surname to conceal their elite connections. According to Reuters investigation, the exchange has grown to claim 11 million users, representing over 10% of Iran's population. The founders deliberately obscured their family ties in corporate records, a strategy that appears to have contributed to Nobitex avoiding Western sanctions designations despite its deep integration with sanctioned Iranian state institutions.
Blockchain analysis and transaction records reveal that Nobitex has become a primary financial conduit for the IRGC and other state entities to move capital outside conventional banking systems. The exchange has processed tens to hundreds of millions of dollars linked to Iran's central bank and the Revolutionary Guards since its inception. Most significantly, cryptocurrency wallets linked to the IRGC received more than $3 billion in digital assets during 2025, underscoring the scale of state-directed capital flows through the platform. These transactions represent a sophisticated infrastructure designed to circumvent international banking restrictions and sanctions enforcement mechanisms.
The exchange serves a dual economic function within Iran's sanctioned environment. Ordinary Iranian citizens use Nobitex as a hedge against currency devaluation and inflation, with the rial facing sustained pressure and capital controls limiting access to foreign exchange. Simultaneously, state institutions leverage the platform for capital movement and preservation. Iran's Central Bank demonstrated this strategic approach by acquiring over $500 million in USDT (tether stablecoins) in 2025, signaling deliberate efforts to build dollar-denominated reserves outside the traditional banking system. The Central Bank's purchases underscore a coordinated government strategy to bypass global financial infrastructure while maintaining purchasing power.
The revelation of Kharrazi family control carries significant geopolitical implications, particularly following the February 2025 death of Supreme Leader Ali Khamenei in an airstrike. The family's proximity to Iran's power structure and the IRGC's consolidation of economic and security control create a strategic asset that appears positioned to support Iran's war effort and institutional financing needs. Reuters investigation found no evidence that any Kharrazi family member has been sanctioned by Western governments, and the reasons Nobitex has escaped designation remain unclear despite documented processing of sanctioned-entity transactions. This gap between demonstrated activity and sanctions enforcement suggests either regulatory blind spots or deliberate policy decisions regarding the exchange's operational status.
Blockchain analysis and transaction records reveal that Nobitex has become a primary financial conduit for the IRGC and other state entities to move capital outside conventional banking systems. The exchange has processed tens to hundreds of millions of dollars linked to Iran's central bank and the Revolutionary Guards since its inception. Most significantly, cryptocurrency wallets linked to the IRGC received more than $3 billion in digital assets during 2025, underscoring the scale of state-directed capital flows through the platform. These transactions represent a sophisticated infrastructure designed to circumvent international banking restrictions and sanctions enforcement mechanisms.
The exchange serves a dual economic function within Iran's sanctioned environment. Ordinary Iranian citizens use Nobitex as a hedge against currency devaluation and inflation, with the rial facing sustained pressure and capital controls limiting access to foreign exchange. Simultaneously, state institutions leverage the platform for capital movement and preservation. Iran's Central Bank demonstrated this strategic approach by acquiring over $500 million in USDT (tether stablecoins) in 2025, signaling deliberate efforts to build dollar-denominated reserves outside the traditional banking system. The Central Bank's purchases underscore a coordinated government strategy to bypass global financial infrastructure while maintaining purchasing power.
The revelation of Kharrazi family control carries significant geopolitical implications, particularly following the February 2025 death of Supreme Leader Ali Khamenei in an airstrike. The family's proximity to Iran's power structure and the IRGC's consolidation of economic and security control create a strategic asset that appears positioned to support Iran's war effort and institutional financing needs. Reuters investigation found no evidence that any Kharrazi family member has been sanctioned by Western governments, and the reasons Nobitex has escaped designation remain unclear despite documented processing of sanctioned-entity transactions. This gap between demonstrated activity and sanctions enforcement suggests either regulatory blind spots or deliberate policy decisions regarding the exchange's operational status.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.