Nobitex, Iran’s largest cryptocurrency exchange with 11 million customers, was founded by brothers Ali and Mohammad Kharrazi who concealed their identities using the alias “Aghamir,” according to a Reuters investigation published May 3, 2026. The founders belong to an influential political dynasty with direct family connections to Iran’s supreme leader Ali Khamenei and his successor Mojtaba Khamenei. Their grandfather served on the Assembly of Experts and tutored Mojtaba Khamenei. Their father, Ayatollah Bagher Kharrazi, helped establish the IRGC structure following Iran’s 1979 Islamic Revolution and founded Hezbollah. The discovery raises questions about state involvement in Iran’s largest digital asset platform at a time when the US has intensified financial sanctions on Iranian cryptocurrency activity.
How the Kharrazi Family Built Crypto’s Iranian Gateway
Nobitex processes the majority of Iran’s cryptocurrency transactions and maintained operations even during recent wartime conditions and internet blackouts. The exchange handled approximately $100 million in transactions during the conflict period. In 2025, Iran’s central bank transferred hundreds of millions in cryptocurrency directly to Nobitex wallets, suggesting state-level integration with the platform. The founders’ use of the “Aghamir” alias across corporate records obscured their family identity and political connections. The Kharrazi lineage represents a multi-generational power structure within Iran’s government, making the family’s control of the nation’s primary crypto gateway strategically significant.
Sanctions Evasion Claims Divide Analytics Firms
Three blockchain analytics firms produced conflicting estimates of suspect transactions processed through Nobitex. Elliptic identified $366 million in flows from sanctioned entities, Chainalysis reported $68 million, and Crystal Intelligence documented $22 million. Nobitex rejected these findings, stating that “illicit transactions represent a small share of overall activity.” The discrepancy reflects broader challenges in tracking cryptocurrency flows through major exchanges. The US government seized $500 million in Iranian crypto assets under Operation Economic Fury and previously froze $344 million in digital holdings. Babak Zanjani, an Iranian billionaire convicted of fraud, disputed claims that $20 million in state funds were routed through the platform.
Geopolitical Implications for Crypto Sanctions
The discovery that Iran’s largest crypto exchange operates under the control of the supreme leader’s inner circle escalates tensions around digital asset regulation and sanctions enforcement. US authorities have expanded financial crackdowns on Iranian cryptocurrency activity as the nation seeks to circumvent traditional banking restrictions. The platform’s resilience during wartime and blackouts demonstrates cryptocurrency’s strategic value to sanctioned regimes. The involvement of high-ranking political figures raises questions about whether crypto exchanges in adversarial nations can operate independently from state objectives. International regulators now face pressure to strengthen know-your-customer requirements and beneficial ownership disclosures at major platforms.
Unanswered Questions on Exchange Control
Reuters did not confirm whether Ali and Mohammad Kharrazi currently operate Nobitex or have transferred control to other entities. The founders have not issued direct statements responding to the investigation. Iran’s government has not confirmed involvement with the platform. The exact founding date of Nobitex remains unreported. These gaps leave open whether the exchange functions as a formal state apparatus or operates with informal government cooperation. Future regulatory action by the US or international bodies may depend on establishing the current ownership structure and operational control of the platform.
