Overview
- Reuters reported that Nobitex, Iran’s biggest crypto exchange, acts as a parallel channel for moving money around U.S. sanctions and traces its founders to the powerful Kharrazi family who operated under an alias.
- Nobitex denied any relationship or contracts with state bodies, including the central bank and the Revolutionary Guard, and said authorities have raided its offices, blocked its domain, and cut off banking gateways.
- Blockchain firms flagged flows tied to sanctioned entities but produced very different tallies, from $22 million (Crystal Intelligence) to $68 million (Chainalysis) to $366 million (Elliptic), underscoring divergent attribution methods.
- Researchers said the exchange processed more than $100 million during the conflict period and an internet blackout, roughly one-fifth of normal activity, while withdrawals jumped and TRM Labs cautioned the surge may reflect blackout-depressed baselines.
- Nobitex says it has about 11 million users and controls a large share of Iran’s crypto trading, a reach that helps people hedge a weak rial yet complicates compliance for companies and enforcers trying to isolate sanctioned actors.