Reuters investigation alleges Nobitex linked to elite family and sanctions-evasion network

Iran’s largest cryptocurrency exchange, Nobitex, has been at the centre of a parallel financial system allegedly used to move funds beyond Western sanctions, according to a Reuters investigative report.

The report says the platform, founded in 2018, was built by two brothers from the influential Kharrazi family, who reportedly used an alternative surname, Aghamir, to obscure their lineage. It adds that corporate records and interviews reviewed by Reuters link the founders to one of Iran’s most powerful political and clerical dynasties, with longstanding connections to the country’s ruling establishment.

According to the investigation, Nobitex has grown into a dominant domestic crypto exchange, claiming around 11 million users and handling a major share of Iran’s cryptocurrency activity. The platform is widely used by ordinary Iranians seeking access to global crypto markets amid banking restrictions, currency depreciation, and inflation.

At the same time, Reuters reports that blockchain analysis firms and financial investigators found transactions moving through Nobitex linked to sanctioned Iranian institutions, including entities associated with the central bank and the Islamic Revolutionary Guard Corps (IRGC). The exchange, however, is not itself designated under Western sanctions.

Nobitex denied allegations of state ties or facilitating sanctioned activity, saying any illicit flows occurred without management approval or knowledge. It described itself as a private and independent business and said it has faced government pressure, including office raids and operational restrictions.

The report also highlights tensions between the exchange and Iranian authorities, including alleged IRGC interventions, arrests of executives, and periodic banking restrictions imposed by the central bank.

Despite these pressures, Nobitex reportedly expanded rapidly, moving into larger offices and scaling its workforce, while continuing to operate even during internet disruptions and wartime conditions.

Investigators cited in the report estimate that billions of dollars in crypto flows may have passed through the platform over time, with a smaller portion potentially linked to sanctioned activity, though figures vary widely across analytical firms. Even higher estimates represent only a small share of total transaction volume, according to the report.

The investigation further suggests that Nobitex operates within a broader ecosystem of alternative financial channels used by Iran to navigate international sanctions, including crypto networks and informal transfer systems. Western governments have not imposed direct sanctions on the exchange.

Reuters also reports that during recent conflict-related disruptions, the platform continued processing transactions, including withdrawals that moved funds abroad through intermediary brokers.

The company said it remains committed to compliance controls and account restrictions where suspicious activity is identified, while stressing that illicit use represents a small fraction of overall activity.

The findings place Nobitex at the intersection of Iran’s digital economy, sanctions pressure, and geopolitical tensions, raising wider concerns among analysts about the role of crypto platforms in sanctioned financial systems.