Iran's Elite Kharrazi Family Secretly Runs Largest Crypto Exchange, Used by IRGC to Evade Sanctions

Reuters has uncovered that Iran's largest cryptocurrency exchange, Nobitex, was founded and is controlled by brothers Ali and Mohammad Kharrazi—members of one of Iran's most powerful dynasties—who deliberately obscured their identity by using the alternative surname Aghamir. Since its founding in 2018, Nobitex has grown to claim 11 million users (over 10% of Iran's population) and now handles an estimated 70% of Iran's cryptocurrency transactions, making it a central financial hub for ordinary Iranians locked out of international banking while simultaneously serving as a crucial conduit for sanctioned entities including Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC).

The investigation reveals that Nobitex has processed tens to hundreds of millions of dollars linked to blacklisted state institutions, yet has mysteriously avoided U.S. and allied sanctions designations—a protection that remains unexplained. Blockchain analysis by crypto analytics firm Crystal Intelligence and interviews with nine people familiar with Nobitex's operations confirm the exchange is part of a parallel financial system enabling Iran to move state funds beyond the reach of Western sanctions, particularly during the current U.S.-Israeli war that began with the killing of Supreme Leader Ali Khamenei in February. Even during government-imposed internet blackouts and power outages, Nobitex processed over $100 million in transactions—about 20% of normal activity—demonstrating its critical role in Iran's economy.

The Kharrazi family sits at the apex of Iran's ruling establishment for three generations, with family members advising supreme leaders and occupying key political, diplomatic, and religious positions. The brothers' decision to use an alternative surname appears to be strategic obfuscation; while some Iranians use alternative family names, the Kharrazis are the only ones in their immediate family who routinely distance themselves from their famous bloodline. Nobitex has denied government connections and claims any sanctioned transactions pass through without management approval, but the scale of state-linked activity through the platform—combined with the brothers' elite family status and the IRGC's documented use of the exchange—suggests far deeper institutional integration than the company admits. The revelation has alarmed U.S. lawmakers, with Senator Elizabeth Warren calling it a 'flashing red light' about adversaries using digital assets to circumvent U.S.-led financial systems.