Investigation: Nobitex was founded by two brothers from Iran's elite Kharrazi family; the crypto exchange processed hundreds of millions beyond US sanctions

A Reuters investigation has exposed the founders behind Nobitex, one of Iran's major cryptocurrency exchanges. Two brothers from the powerful Kharrazi family quietly launched the platform in 2018, operating under an alternative surname.

The Kharrazi family is part of Iran's elite. The brothers' decision to use a different surname while building the exchange raises serious questions about transparency in the crypto space — particularly when sanctions are involved.

Nobitex reportedly processed hundreds of millions of dollars in transactions that went beyond the reach of US sanctions. That's a staggering volume for a platform with deliberately obscured ownership ties.

The findings spotlight a persistent problem: crypto exchanges operating in sanctioned jurisdictions can move enormous sums while keeping their true backers hidden. For regulators, it's another reminder that blockchain's transparency doesn't automatically extend to the people running the platforms.