Iranian crypto exchange Nobitex is tied to the Karazi family, Reuters has found
Nobitex, Iran's largest crypto exchange, was founded by two brothers with ties to top leaders of one of the Islamic Republic's most influential families, a Reuters investigation has found.
The exchange, which now accounts for most of Iran's crypto activity, was started by Ali and Mohammad Karazi. According to the report, the duo operated under the alternative name “Aghamir” which they used in their corporate records and professional life, hiding their ties to the Karazi dynasty.
The Karrazi family has long held positions close to the country's leadership, spanning generations of power, including ties to Ali Khamenei and his successor, Mojtaba Khamenei.
Ali and Muhammad's grandfather served on the Council of Experts, the body responsible for appointing Iran's supreme leader, and are said to have once tutored Mojtaba Khamini. His father, Ayatollah Bagher Karrazi, founded an Iranian political group called Hezbollah. Following the 1979 revolution, he participated as a former worker in the Islamic Revolutionary Guard Corps.
Related: Iran Is Assessing Crypto Tolls for Ships Using the Strait of Hormuz: Report
Nobitex is working even in times of war.
Nobitex, which reportedly serves more than 11 million customers, is still operating amid a nationwide blackout amid tensions with the United States and Israel. Analysts told Reuters that more than $100 million in transactions took place during the war, with most of the flow going abroad.
At the same time, investigators cited by Reuters said the platform handled transactions related to authorized parties. However, estimates vary. Analytics firm Elliptic identified around $366 million in suspected inflows, Chinalysis put the figure at $68 million, and Crystal Intelligence identified $22 million in direct transfers from authorized wallets.
Various findings indicate that wallets linked to Iran's central bank sent hundreds of millions of dollars worth of cryptocurrency to Nobitex in 2025, as part of a broader strategy to bypass financial restrictions. A dispute with businessman Babak Zanjani exposed wallet addresses that analysts say at least $20 million in government funds were embezzled.
Iranian billionaire Babak Zanjani, accused of fraud, criticized the Central Bank of Iran. Source: Reuters
Nobitex reportedly has no government ties, saying illegal transactions represent a small portion of its overall activity.
RELATED: Iran sees BTC as strategic asset, but USDt still dominates oil payments: BPI
US Holds $500 Million in Iranian Crypto
Cointelegraph reports that the United States has seized nearly $500 million in kriptovalyutnogo linked to Iran, a major expansion of its financial campaign known as Operation Economic Wrath.
The latest figure represents a significant increase over previously reported totals, including $344 million in tied-up digital assets, which stablecoin issuer Tether has helped cool funds.
Magazine: Is the CLARITY Act good – or bad – for DeFi?
