Operating Through War and Internet Blackouts, Processing Over $100 Million
According to a Reuters investigative report, Iran's largest crypto exchange, Nobitex, has over 11 million users. The platform continued operating even during nationwide internet outages and active conflict. Analysts estimate it processed more than $100 million in Bitcoin and other crypto transactions during the conflict period, with a significant portion of funds moving offshore.
The Reuters investigation also revealed that Nobitex was founded by brothers Ali and Mohammad Kharrazi, who reportedly used the alias "Aghamir" in company registrations and business activities—apparently to obscure their ties to the Kharrazi family, which has long-standing connections to Iran's supreme leadership structure.
Blockchain Analytics: Disputed Figures, Undisputed Concern
Multiple blockchain analytics firms have tracked Nobitex transactions involving sanctioned entities, though their estimates vary significantly: Elliptic placed the figure at approximately $366 million in suspicious funds, while Chainalysis estimated around $68 million.
More strikingly, the report indicates that wallet addresses linked to Iran's central bank transferred hundreds of millions of dollars in crypto assets to Nobitex in 2025—widely interpreted as part of Iran's strategy to circumvent international financial sanctions.
Where Does a Crypto Exchange's Sanctions Compliance Obligation End?
The Nobitex case highlights an industry-wide challenge: in a space where sanctions monitoring frameworks remain relatively ambiguous, crypto platforms can become critical nodes in sanctions evasion networks—whether knowingly or through deliberate avoidance.
For global compliance teams, identifying fund flows linked to sanctioned entities or high-risk jurisdictions is a non-negotiable core responsibility. Trustformer KYT provides real-time sanctions address matching and high-risk transaction alerts, helping compliance teams identify potential sanctions-related fund movements at the earliest possible stage and minimize regulatory exposure.