Exclusive Report: Iran’s Most Influential Family Behind Country’s Largest Crypto Exchange Used by IRGC to Move Millions
By Gavin Finch, Allison Martell, Denise Ajiri, James Pearson, and Elizabeth Howcroft
Published May 1, 2026, 12:13 PM UTC – Updated May 1, 2026
London – In a revealing investigation by Reuters, it has emerged that Iran’s largest cryptocurrency exchange, Nobitex, was founded and is controlled by two brothers from one of the country’s most powerful families, the Kharrazi dynasty. The exchange has grown from a startup launched in 2018 into a central hub of a shadow financial network used to move tens to hundreds of millions of dollars, including funds linked to Iran’s Islamic Revolutionary Guard Corps (IRGC) and its central bank—both heavily sanctioned entities.
The founders, Ali and Mohammad Kharrazi, initially operated Nobitex under the less recognized surname Aghamir, a tactic aimed at distancing themselves publicly from their elite family lineage. The Kharrazi family holds historic and strategic influence in Iran’s political and religious hierarchy, including marriage ties to all three Supreme Leaders of the Islamic Republic.
Nobitex: A Major Player in Iran’s Parallel Financial System
From its inception, Nobitex positioned itself as the country’s dominant cryptocurrency exchange and now claims over 11 million users—more than 10% of Iran’s population. In a country grappling with international sanctions, a devalued currency, and inflation, Nobitex serves as a vital financial platform for ordinary citizens seeking to buy, hold, or transfer cryptocurrency.
Notably, Nobitex has escaped the sweeping sanctions that the United States and its allies have levied on many Iranian economic entities. Reuters’ investigation found no sanctions currently targeting the Kharrazi family members behind Nobitex, leaving the reasons for this exemption unclear.
As a conduit between Iran and global crypto markets, Nobitex has become indispensable for the IRGC and other state actors to circumvent sanctions and funnel funds directly, bypassing conventional banking systems. Blockchain analytics firm Crystal Intelligence, along with private financial investigators and insiders, confirmed multiple transfers involving sanctioned Iranian state entities passing through the exchange.
Operational Amid Conflict and Sanctions
The timing of this exposé is critical, coinciding with the ongoing conflict triggered by the U.S. and Israeli assaults on Iran, which intensified following the February assassination of Supreme Leader Ali Khamenei. Since then, the IRGC’s grip on Iran’s economy and security apparatus has tightened significantly.
Despite governmental internet blackouts and power outages during the conflict, Nobitex reportedly maintained over $100 million in crypto transactions in the last month alone—approximately 20 percent of its typical volume—demonstrating the platform’s resilience and continued operation even under extreme conditions.
Nobitex’s Founders and Their Elite Background
The Kharrazi brothers, while connected to one of Iran’s most influential families, have consistently used the surname Aghamir in public company dealings. They are the third generation of Kharrazis embedded within the Islamic Republic’s ruling class. Historically, members of their family have held key political, diplomatic, and religious roles.
Documents and interviews reveal that the two founders studied at Sharif University of Technology, Iran’s premier engineering institution, likened to MIT. Ali Kharrazi serves as one of Nobitex’s public representatives, while his younger brother Mohammad acts as the company’s blockchain expert.
Seven former employees and associates indicated that the brothers maintained a low profile about their family name within the company, distancing themselves from their prominent heritage to focus attention on the exchange itself.
Denials and US Response
Nobitex has denied direct government ties or deliberate involvement in moving sanctioned funds, stating that any such transactions occurred without management’s knowledge or approval. The company also rejected claims about the founders using alternative identities, asserting that the brothers have not altered their names.
A spokesperson declared, “Nobitex is a private and independent business. It has never been an arm of the government and has never had any relationship, arrangement, agreement, or contract with the Central Bank of Iran, the IRGC, or any other governmental body.”
However, experts voice concern about the platform’s dual role. Nick Smart, Chief Intelligence Officer at Crystal Intelligence, warned, “The concern with Nobitex is that since it has so much activity that belongs to normal Iranians, it is hard to separate the regime from the people using the platform.”
The U.S. government, through a statement referencing previous administration policies, reiterated its commitment to “maximum pressure” on Iran to restrict its financial operations but did not comment directly on Nobitex.
Calls for Greater Crypto Oversight
U.S. Senator Elizabeth Warren, a leading voice on financial regulation, responded to the Reuters findings with alarm. She emphasized the growing danger of adversaries exploiting digital currencies to bypass the global financial system, moving billions with ease due to inadequate controls in the crypto ecosystem.
“This latest reporting is a flashing red light,” Senator Warren said. “Adversaries are using digital assets as an alternative to the U.S.-led global financial system—moving billions easily because too many services across the crypto ecosystem lack basic controls to prevent money laundering and sanctions evasion.”
Conclusion
The Reuters investigation sheds light on a sophisticated financial workaround engineered by influential private actors with elite connections, enabling sanctioned Iranian institutions like the IRGC to sustain and extend their financial operations globally. Nobitex embodies the challenges of regulating cryptocurrency in a geopolitically fraught landscape, where technological innovation meets entrenched political power and international conflict.
Despite ongoing allegations, Nobitex continues to operate as both a marketplace for ordinary Iranian citizens and a pivotal link in Iran’s alternative financial systems amid war and economic isolation.
For further inquiries and detailed blockchain analytics, see the full Reuters special report authored by Gavin Finch, Allison Martell, Denise Ajiri, James Pearson, and Elizabeth Howcroft.