Iranian Crypto Exchange Embroiled in Sanctions Evasion Allegations

A recent investigation has shed light on the inner workings of Iran's largest cryptocurrency exchange, Nobitex. The exchange, which claims to have 11 million users, is accused of being a major channel in a parallel financial system that helps money move around US sanctions.

The investigation, conducted by Reuters, found that Nobitex has processed transactions worth between tens of millions and hundreds of millions of dollars connected to sanctioned groups, including the Iranian central bank and the IRGC. The exchange is controlled by two brothers from the influential Kharrazi family, who have close ties to Iran's new supreme leader.

The report also revealed that Nobitex has continued to operate despite significant operational restrictions imposed by the Iranian government, including office raids and domain blocking. The exchange disputes the claims, stating that it has never had an agreement with any Iranian government agency.