Nobitex Faces Scrutiny Over Founding and Government Ties

Nobitex, Iran's largest cryptocurrency exchange, has been hit with fresh questions about its founding and potential ties to the Iranian government. According to a report by Reuters, the exchange was founded by two brothers, Ali and Mohammad Kharrazi, from an influential family with deep political and clerical connections.

The brothers used the surname Aghamir when founding Nobitex in 2018, which has since grown to become one of the largest crypto exchanges in Iran. The exchange claims to have over 11 million users and handles around 70% of the country's cryptocurrency transactions.

Nobitex has denied any direct links to the government, stating that it is a 'private and independent business' with no relationship or contract with sanctioned entities such as the IRGC or Iran's central bank.

However, blockchain records and investigators have pointed to transactions linked to these entities, suggesting that Nobitex may be part of a parallel financial system used outside normal banking channels. This has raised concerns about the exchange's compliance with Western financial regulations.