Iran’s largest crypto exchange enables IRGC to move millions despite sanctions
Iran's largest cryptocurrency exchange, Nobitex, has been found to have processed tens to hundreds of millions of dollars in transactions linked to sanctioned groups, including Iran's central bank and the Islamic Revolutionary Guard Corps (IRGC). Nobitex was founded by brothers Ali and Mohammad Kharrazi, who have ties to Iran's powerful ruling family.
Nobitex, Iran's largest cryptocurrency exchange, was founded in 2018 by brothers Ali and Mohammad Kharrazi. The exchange claims 11 million users and has processed transactions linked to sanctioned groups, including Iran's central bank and the IRGC. According to a Reuters investigation, Nobitex has used blockchain records to route money to allies outside the conventional banking system. Nobitex denies receiving government support, despite evidence of its ties to the Iranian state. The exchange has continued to process transactions despite US sanctions and a government-imposed internet shutdown. Nobitex has processed over $100 million in transactions during this time, about 20% of its usual activity.
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