Iran’s biggest cryptocurrency exchange was built by two brothers from one of the most powerful families in the Islamic Republic — and they kept that fact hidden for years.
IRAN’S TOP REGIME FAMILY FOUNDED THE CRYPTO EXCHANGE USED BY THE IRGC
Iran’s largest crypto exchange is tied to the Supreme Leader’s family and was used by the IRGC to move millions, Reuters reports.
Nobitex was founded under the surname “Aghamir” by two brothers from the… pic.twitter.com/DsvuTv9QPf
— Coin Bureau (@coinbureau) May 2, 2026
Ali and Mohammad Kharrazi founded Nobitex in 2018, but listed themselves in corporate records under the surname “Aghamir.” According to a Reuters investigation, the brothers concealed their real name even from close colleagues and friends who had known them since university.
The Kharrazi family has occupied positions at the top of Iran’s ruling establishment for generations. Their grandfather tutored Mojtaba Khamenei, who became Iran’s new supreme leader after his father was killed in a US airstrike in February 2026. Their father founded an Iranian political group called Hezbollah and was involved in early staffing of the Islamic Revolutionary Guard Corps after the 1979 revolution.
Nobitex now handles an estimated 70% of Iran’s crypto transactions and claims 11 million users — more than 10% of the country’s population. Locked out of international banking due to Western sanctions, ordinary Iranians rely on the platform to hold and move money.
Blockchain analytics firms have identified transactions linked to sanctioned entities passing through Nobitex. Elliptic estimated around $366 million in suspect flows. Chainalysis put the figure at roughly $68 million. Crystal Intelligence identified about $22 million in direct transfers from sanctioned wallets. All three firms said the true figure is likely higher.
Separately, Elliptic found that Iran’s central bank — itself under US sanctions — sent around $347 million worth of cryptocurrency to Nobitex in the first six months of 2025.
Evidence of the scheme partly came from an unlikely source. Babak Zanjani, an Iranian billionaire convicted of fraud, published wallet addresses on social media during a public dispute with Iran’s central bank. Analysts used those addresses to trace at least $20 million in sanctioned central bank funds routed through Nobitex.
Nobitex has denied any government affiliation. The company said illicit transactions represent a small share of overall volume and occurred without management knowledge.
When the US and Israel launched military operations against Iran in early 2026, Nobitex kept running. The platform continued processing transactions even during a government-imposed internet blackout that cut off most of the country. Crystal Intelligence found that Nobitex processed over $100 million during the conflict, about 20% of its normal activity.
Internet monitoring firm Netblocks said only those on a state-approved whitelist — between 1% and 2% of the population — retained internet access during that period. Crystal Intelligence found that at least $54 million was withdrawn from Nobitex during the war, with much of it moving abroad.
The platform’s connection to Iran’s elite was underscored on April 1, 2026, when an airstrike hit the home of the brothers’ great-uncle, Kamal Kharrazi, a former foreign minister. His wife was killed instantly. Kamal died of his injuries days later.
Iran’s new supreme leader publicly extended condolences to the Kharrazi family.
The US has seized nearly $500 million in Iranian-linked crypto under Operation Economic Fury, up from a previously disclosed $344 million.
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