Nobitex, Iran’s largest cryptocurrency exchange, handles an estimated 70% of the country’s cryptocurrency transactions. Founded in 2018 by Ali and Mohammad Kharrazi, Nobitex claims to have 11 million users, representing over 10% of Iran’s population.
The Kharrazi family has deep ties to Iran’s ruling establishment, having advised supreme leaders since the 1979 Islamic Revolution. This connection raises questions about the role of Nobitex in sanctions evasion.
Nobitex has processed transactions linked to sanctioned groups, including Iran’s central bank and the Islamic Revolutionary Guard Corps (IRGC). Despite stringent Western economic sanctions on Iran, Nobitex has avoided designation by the United States and its allies.
Challenges faced by Nobitex:
- The Iranian government has imposed significant operational restrictions on Nobitex, including office raids and domain blocking.
- During a government-imposed internet blackout, Nobitex continued to operate and process transactions.
- Nobitex has developed cryptographic tools to obfuscate links between wallets to evade detection by Western governments.
Miad Maleki, an industry expert, remarked, “You can’t have a successful business in Iran without it being controlled by the regime.” This underscores the complex relationship between cryptocurrency operations and government oversight.
In recent months, Nobitex has processed around 11 billion dollars in cryptocurrency. In the first half of 2025 alone, approximately 347 million dollars were sent by Iran’s central bank to Nobitex. However, a hack in early 2025 resulted in a loss of 90 million dollars.
Key statements from Nobitex:
- “We have faced significant operational restrictions from the Iranian government…”
- “Nobitex’s approach is firm, including permanent account closure.”
- “The building’s security and the morality police started controlling the hijab of female employees…” — former employee.
The situation remains fluid as international scrutiny on Iranian cryptocurrency exchanges intensifies. Experts anticipate that further developments may emerge regarding how these platforms navigate ongoing financial sanctions.
