Iran's largest cryptocurrency exchange, Nobitex, is facing new scrutiny after Reuters reported that the platform was founded by two brothers from the influential Harraz family under a different surname. This report comes as blockchain data shows an increase in Iran's cryptocurrency trading volume amid conflict-related pressures. Nobitex denies any ties to the government and states that it does not assist state institutions.
Ali and Mohammad Harraz founded Nobitex in 2018 under the surname Aghamir. The report notes that the brothers come from a powerful family with deep connections in political and religious spheres.
Nobitex has rejected claims of direct ties to the state. The company told Reuters that it is a “private and independent enterprise” and stated that it has not established relationships or contracts with the Islamic Revolutionary Guard Corps (IRGC), the Central Bank of Iran, or other government agencies.
Furthermore, the report has raised long-standing concerns about the use of cryptocurrency in sanctioned economies. Reuters cited blockchain analysts and investigators who claimed that Nobitex helps transfer funds outside of Western financial control.
Nick Smart, an executive at Crystal Intelligence, told Reuters that Nobitex creates a complex compliance issue, as ordinary Iranian users may engage in state-associated activities on the same platform. He stated, “It’s hard to distinguish the regime from the people.”
Following the attacks in Tehran, user withdrawal volumes increased. Data from Elliptic indicates that users withdrew over $500,000 after the first attack. This amount ultimately reached nearly $3 million between February 28 and March 1.
Crypto.news also cited Elliptic's analysis, stating that Nobitex allows users to exchange rials for cryptocurrency and withdraw funds to external wallets. This process can help users transfer funds abroad while banking channels remain limited.
TRM Labs has taken a more cautious stance. It stated that this activity may reflect lower trading volumes due to internet blackouts, rather than just capital flight. After the attacks began, Iran's internet connectivity dropped by about 99%.