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According to Odaily, the Iranian rial hit a record low this week, with the open market exchange rate falling to approximately 2.02 million rials per US dollar on August 24, compared to around 1.53 million rials in the first quarter. During the same period, the US government launched "Operation Economic Exodus," adding more than 60 entities to the Treasury Department's blacklist and, for the first time, designating digital assets as a sanctionable category.State-controlled farms linked to Iran's Islamic Revolutionary Guard Corps (IRGC) control approximately 65% of Iran's Bitcoin mining capacity. Iranian miners have accounted for roughly 3% to 7% of global Bitcoin hashrate since 2019, with the mined Bitcoin valued at an estimated $1.35 billion to $3.15 billion at various stages.Iran legalized Bitcoin mining in 2019, allowing licensed operators to use industrial electricity at approximately $0.004 per kilowatt-hour and sell the mined tokens to the Central Bank of Iran. Chainalysis estimates that IRGC-affiliated wallets received over $3 billion in Q4 2025; Elliptic states that the Central Bank of Iran holds at least $507 million in USDT.The US Treasury sanctioned Nobitex, Wallex, Bitpin, and Ramzinex in June. Nobitex had processed more than half of Iran's digital asset inflows; in April, the US Treasury seized nearly $500 million in Iran-linked crypto assets. (Bitcoin.com News)
According to a Reuters investigation, Nobitex—the largest cryptocurrency exchange in Iran—was founded by members of the Kharrazi family, who maintain close ties to Iran’s highest leadership. The investigation found that the exchange was established by brothers Ali and Mohammad Kharrazi, who previously used the surname “Aghamir” to conceal their connection to the Kharrazi family—a family long embedded in Iran’s political inner circle, including historical links to Ayatollah Ali Khamenei and his successors. The report states that Nobitex currently serves over 11 million users and dominates Iran’s cryptocurrency market. It continued operating during Iran’s conflicts with the United States and Israel—even amid nationwide internet blackouts—and processed transactions throughout. Analysts estimate its trading volume exceeded $100 million during wartime, accompanied by substantial outflows of funds overseas. Additionally, multiple on-chain analytics firms have identified that the platform processed transactions linked to sanctioned entities, with estimated volumes ranging from $22 million to $366 million. Data also shows that wallets associated with the Central Bank of Iran transferred hundreds of millions of dollars’ worth of cryptocurrency assets to Nobitex in 2025—widely believed to be an effort to circumvent financial sanctions. Nobitex has denied any government affiliation and stated that illicit transactions constitute only a small fraction of its overall business.
Nobitex, Iran's largest cryptocurrency exchange, was founded by members of the Kharrazi family, who have close ties to Iran's supreme leadership. Investigations show the exchange was created by brothers Ali and Mohammad Kharrazi, who previously used the surname "Aghamir" to conceal their connection to the Kharrazi family. This family has long-standing, deep ties to Iran's political core, including historical links to Ali Khamenei and his successors.The report indicates that Nobitex currently serves over 11 million users, dominates the Iranian crypto market, and has continued operating throughout conflicts between Iran, the United States, and Israel, even processing transactions during nationwide internet blackouts. Analysts say its trading volume exceeded $100 million during wartime, with significant funds flowing overseas.Additionally, multiple on-chain analytics firms point out that the platform has processed transactions linked to sanctioned entities, with estimated volumes ranging from $22 million to $366 million. Other data shows that wallets associated with the Central Bank of Iran transferred hundreds of millions of dollars worth of crypto assets to Nobitex in 2025, allegedly to circumvent financial sanctions. Nobitex denies any connection to the government, stating that illegal transactions represent only a small fraction of its overall business. (Cointelegraph)
According to a Reuters report, Nobitex—the largest cryptocurrency exchange in Iran—has processed at least approximately $2.3 billion in funds via the Tron and BNB Smart Chain networks since 2023. Some of these funds originated from the Central Bank of Iran (CBI), which is under U.S. sanctions, and are linked to other sanctioned entities, including the Islamic Revolutionary Guard Corps (IRGC), Hamas, and Hezbollah. Data from blockchain analytics firms Arkham and Elliptic, along with insights from multiple analysts, indicate that related transactions on Tron alone exceeded $2 billion, while those on BNB Smart Chain totaled approximately $317 million; tens of millions of dollars continued flowing even after hostilities erupted. The report notes that Tron was founded by Justin Sun, and BNB Smart Chain was launched by Binance; both blockchains intersect financially and governance-wise with World Liberty Financial—a crypto project led by Donald Trump. Since its founding in 2018, Nobitex’s sanctioned-related transactions have cumulatively amounted to at least approximately $366 million.