Nobitex is under fresh scrutiny after a new report raised questions about its origins and how it’s being used during times of conflict.
According to Reuters, the platform was founded in 2018 by two brothers — Ali and Mohammad — who are linked to Iran’s influential Kharrazi family. The report says they used a different surname, Aghamir, when launching the exchange.
Nobitex has pushed back on the claims, saying it is a private and independent business with no ties to the government or state institutions.
Still, the report has added fuel to ongoing concerns.
Investigators cited blockchain data suggesting that some transactions may be connected to sanctioned entities, including Iran’s central bank and the Islamic Revolutionary Guard Corps. This has raised questions about whether the platform is part of a wider system used to move money outside traditional banking channels.
Nobitex denies this. The company says it has no relationship or contracts with any government bodies.
The situation highlights a bigger issue in crypto:
It can be hard to separate everyday users from potentially sanctioned activity on the same platform.
As one analyst put it, distinguishing between normal citizens and state-linked transactions in such environments is extremely difficult.
At the same time, recent events have drawn even more attention.
After airstrikes in Tehran, crypto activity on Nobitex surged. Reports show withdrawals jumped sharply — rising more than 700% within minutes. Users pulled out hundreds of thousands of dollars initially, with totals later reaching into the millions.
There are two ways to look at that spike:
- One view: people were rushing to move money out during uncertainty (capital flight)
- Another view: lower overall activity and internet disruptions made the spike look larger than it really was
In fact, internet connectivity in Iran reportedly dropped by about 99% during the strikes, which could have distorted transaction data.
What’s clear is this:
Nobitex plays a major role in Iran’s crypto market, reportedly handling a large share of transactions and serving millions of users. It also allows people to convert local currency into crypto and move funds outside the country — something that’s especially important in a heavily sanctioned economy.
So this story isn’t just about one exchange.
It’s about how crypto is being used in places where traditional financial systems are restricted — and the challenges that creates for regulation, transparency, and global oversight.
