According to a Reuters investigation published Friday, May 2, Nobitex, Iran’s dominant crypto exchange with roughly 11 million users, was founded by brothers Ali and Mohammad Kharrazi, members of a family related by marriage to all three of Iran’s supreme leaders. The brothers registered the company in 2018 using an alternate surname, while their grandfather served on Iran’s Assembly of Experts and their father helped establish the Iranian political organization Hezbollah.
Reuters traced illicit fund flows through the platform, citing blockchain analytics firms identifying $22 million to $366 million in suspect transactions. A separate analysis found Iran’s Central Bank sent approximately $347 million to Nobitex in the first half of 2025. Nobitex denied government affiliation and characterized illicit flows as a “very small fraction” of its volume. The exchange claims to handle roughly 70% of Iran’s crypto activity.
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