Iran’s Powerful Kharrazi Family Behind Nobitex, Largest Crypto Exchange Used by IRGC for Money Moves
May 2, 2026 — Reuters / The Economic Times
An investigative report reveals that one of Iran’s most influential political families, the Kharrazis, founded and control Nobitex, the country’s largest cryptocurrency exchange. Nobitex processes tens to hundreds of millions of dollars in crypto transactions, including funds tied to sanctioned entities such as Iran’s Islamic Revolutionary Guard Corps (IRGC) and the Central Bank of Iran. The IRGC, a powerful military and economic force within Iran, allegedly uses Nobitex as a financial conduit to bypass Western sanctions and access the global economy.
The Kharrazi Dynasty Behind Nobitex
Nobitex was founded by brothers Ali and Mohammad, members of the Kharrazi family, one of the most entrenched dynasties in Iran’s ruling elite. The Kharrazis maintain close ties to Iran’s supreme leaders, being related by marriage to all three who have led the Islamic Republic since its 1979 revolution — from Ayatollah Ruhollah Khomeini through to the late Ali Khamenei and his son, Mojtaba.
Though the brothers concealed their true family name for years, instead using the surname "Aghamir," corporate records and investigative sources confirm their lineage. This choice appears to have been a deliberate effort to distance their involvement from their famous bloodline, even within their immediate professional circles.
The siblings quickly propelled Nobitex to become the dominant cryptocurrency platform in Iran, reportedly controlling about 70% of the nation’s crypto market. The exchange boasts more than 11 million users, or over 10% of Iran’s population, and serves as a critical financial resource for ordinary Iranians seeking to protect wealth amid rampant inflation and a battered national currency, the rial.
Allegations of IRGC and State Usage
According to a Reuters investigation leveraging interviews with former Nobitex employees, financial investigators, and blockchain analytics from Crystal Intelligence, the exchange has acted as a bridge facilitating the movement of sanctioned funds. The IRGC and Iran’s central bank are among the state-backed entities suspected of routing transactions through Nobitex, effectively creating a parallel financial system outside the reach of international sanctions.
Notably, Nobitex processed over $100 million in transactions during government-imposed internet blackouts and power outages amid the escalating U.S.-Israeli conflict with Iran in early 2026. This activity occurred despite intense sanctions aimed at isolating Iran’s financial operations from the global market.
Nick Smart, chief intelligence officer at Crystal Intelligence, said, “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.”
Official Responses and Denials
Nobitex responded to the allegations by denying any direct ties to government agencies, including the IRGC or Iran’s central bank, emphasizing its status as a private, independent company. In written statements, Nobitex asserted that any illicit or government-linked transactions occurred without management’s knowledge or approval. The company also disputed claims that the founders used alternate identities.
The company said, “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.”
The Iranian government did not respond to multiple requests for comment transmitted via its U.N. delegations.
U.S. and Global Reactions
While Nobitex has thus far escaped designation by U.S. and allied sanctions lists — unlike many other prominent Iranian entities and individuals — the revelations have raised concerns among U.S. officials and lawmakers.
In a statement to Reuters, a former Trump administration official said, “Under President Trump’s strong leadership, the United States is moving aggressively with Economic Fury, utilizing all available tools to maintain maximum pressure on Iran and systematically degrade Tehran’s ability to generate, move, and repatriate funds,” though no specific comments were made about Nobitex.
Senator Elizabeth Warren, ranking Democrat on the Senate Banking Committee, described the case as a “flashing red light,” warning that digital asset platforms are being exploited by adversaries to evade traditional financial sanctions and move billions with ease.
Founding and Company Details
Nobitex was established by Ali and Mohammad Kharrazi, alongside Amir Hosein Rad, all alumni of Tehran’s Sharif University of Technology — widely regarded as an elite institution akin to the U.S.’s MIT. Rad served as chief executive and public face of the company, while Mohammad focused on blockchain technology.
According to interviews with former employees and acquaintances, the brothers remain protective of their lineage and have traditionally downplayed their family connection in professional settings. Ali Kharrazi, born in 1986, and Mohammad, born in 1992, have led Nobitex’s rise over the past decade into a linchpin of Iran’s burgeoning cryptocurrency ecosystem.
Implications for Iran’s Economy and the IRGC
The disclosure that Iran’s ruling elite is directly involved in the cryptocurrency sector underlines the growing role of digital assets in Iran’s sanctioned economy. As the IRGC consolidates its power following the assassination of Supreme Leader Khamenei in February 2026, financial networks like Nobitex provide critical channels that circumvent traditional banking restrictions.
This intertwined relationship between state power and crypto markets highlights the evolving challenges faced by global regulators and policymakers as they confront nation-states harnessing new financial technologies to bypass economic sanctions.
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