According to the agency, two brothers from the Kharrazi family, under a different surname—Aghamir—founded the exchange Nobitex in 2018, which became a central hub in a parallel financial system and allowed money transfers despite US sanctions, even during the current war, News.Az reports, citing Reuters.
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The Kharrazi clan occupies important positions in Iran’s ruling elite. Members of this family have advised the supreme leaders for generations, holding important positions. The clan is related to all the supreme leaders of the Islamic Republic.
According to Reuters, Nobitex processed hundreds of millions of dollars in transactions linked to sanctioned entities, including the Central Bank of Iran and the IRGC. The company itself quickly integrated into the Iranian economy. Nobitex claims to have 11 million users—more than 10% of the country’s population. After the imposition of sanctions, many Iranians used the exchange to buy and store cryptocurrency. According to Reuters, it handles approximately 70% of cryptocurrency transactions in Iran. Evidence linking Nobitex to sanctions evasion was provided by a convicted Iranian billionaire. In December, he published wallet addresses on his social media accounts, which allowed crypto analysts to uncover a sanctions-evasion scheme involving the company.
The agency discovered that Nobitex serves as Iran’s “bridge” to global markets. According to an analysis of blockchain records by Crestal Intelligence and interviews with four private financial investigators, Iran uses the exchange to funnel funds to allies without access to the banking system. Former exchange employees told Reuters that it also handles government funds subject to sanctions.
The company denies any direct ties to the government or providing assistance to the state, claiming that any illegal transfers that did occur were carried out without the approval or knowledge of management.
Reuters notes that Nobitex has done business with major players in the global cryptocurrency industry. In 2022, Binance transferred $7.8 billion to Nobitex, circumventing US sanctions against Iran. Sanctions, which have deprived Iranians of access to the global financial system, have significantly increased Nobitex’s appeal to Iranian clients.
In April, The Telegraph, citing transfer documents submitted to the US Treasury, reported that five major banks—HSBC, Standard Chartered, JPMorgan Chase, Citibank, and Bank of New York Mellon—would be investigated for involvement in Iranian money laundering.
