Nobitex, Iran's largest crypto exchange, is linked to the influential Harrazi family with ties to the leadership, as revealed by a Reuters investigation.
Nobitex, Iran's largest cryptocurrency exchange, has been linked to the influential Harrazi family, which has longstanding ties to the nation’s leadership, as revealed by a recent investigation.
Founded by brothers Ali and Mohammad Harrazi, the exchange has obscured its connections to the ruling elite by using the surname Agamiri in official documents. The Harrazi family has a notable history, with the founders' grandfather serving in the Assembly of Experts and their father involved in establishing the Islamic Revolutionary Guard Corps (IRGC).
With over 11 million users, Nobitex plays a crucial role in Iran's crypto landscape, continuing operations even amid national internet shutdowns. During times of heightened regional tensions, the platform recorded transactions exceeding $100 million.
Concerns have arisen regarding the movement of funds through Nobitex from sanctioned organizations, with estimates of suspicious transactions varying significantly: Elliptic reported $366 million, Chainalysis noted $68 million, and Crystal Intelligence identified $22 million linked to sanctioned wallets.
In 2025, significant transfers from wallets associated with Iran's Central Bank to Nobitex were noted, suggesting a strategy to evade financial sanctions. However, Nobitex representatives refute any governmental ties, asserting that illegal transactions are minimal compared to their overall trading volume.
US Sanctions and Analysis of Blocked USDT
Analysts from Nominis scrutinized wallets recently sanctioned by the U.S. Treasury, indicating that the funds may not be directly tied to Iran but could belong to other state actors.
Last week, Tether blocked over $344 million in USDT at the U.S. Treasury's request, linking the addresses to IRGC activities. Nominis CEO Snir Levi pointed out that the transaction patterns differ from typical Iranian operations, suggesting that the infrastructure may belong to foreign entities, including potentially Chinese state actors.
The blocking was part of Operation Epic Fury, with U.S. Treasury Secretary Scott Bessent announcing that Iranian crypto assets seized had reached $500 million. This initiative aims to maximize economic pressure on Iran, which is currently facing a severe currency crisis, highlighted by the closure of a major bank and a 60-70% depreciation of the national currency against the U.S. dollar over recent months.
