Kharrazi Brothers Founded Iran’s Largest Crypto Exchange

Ali and Mohammad Kharrazi founded Nobitex and used the surname Aghamir in corporate records and professional activities, investigators found. The Kharrazi family has held religious and political roles for decades, including a grandfather who served on the Assembly of Experts and a father who founded a political group and helped staff early ranks of the Islamic Revolutionary Guard Corps. Those connections reach into the circle around Supreme Leader Ali Khamenei.

Nobitex has become Iran’s largest cryptocurrency exchange, reporting more than 11 million customers and handling most domestic crypto trading. The platform continued operating during a recent conflict involving the United States and Israel and remained accessible during a nationwide internet blackout. Analysts estimate the exchange processed more than $100 million in transactions during that period, with notable outflows to foreign addresses.

Blockchain analytics firms and investigators have identified transfers routed through Nobitex that they say involve sanctioned entities or state-linked wallets. One firm estimated roughly $366 million in suspect flows, another placed the figure near $68 million, and a third identified about $22 million in direct transfers from wallets tied to sanctioned parties.

Separate analysis indicates wallets associated with Iran’s central bank sent hundreds of millions of dollars in cryptocurrency to Nobitex in 2025. A legal dispute involving businessman Babak Zanjani exposed wallet addresses that analysts say carried at least $20 million from state-linked sources, and Zanjani publicly criticized the central bank in posts related to the case.

In a statement, Nobitex denied any government affiliation and said illicit transactions represent only a small share of its overall activity. The company emphasized that it serves millions of ordinary users and processes high volumes of legitimate trading.

U.S. authorities have intensified actions against Iranian-linked digital assets, recovering nearly $500 million in recent operations and increasing prior totals of frozen funds. Stablecoin issuers and blockchain firms have assisted law enforcement in tracing and freezing some of those assets.

Investigators continue to trace on-chain movements and pursue a clearer accounting of cross-border transfers linked to Nobitex and the Kharrazi brothers. Analysts note the scope and intent of many transactions remain contested because cryptocurrency flows can be routed through multiple intermediaries and mixed with ordinary retail trading.