Iran biggest crypto exchange, Nobitex, don dey used to route funds wey connect to sanctioned state entities. According to investigation wey trace transactions wey involve di kontri central bank and di Islamic Revolutionary Guard Corps.
Reuters report wey come out for May 1, di platform act as key conduit for parallel financial system wey allow money to move outside traditional banking channels, even under heavy international sanctions. Blockchain analysis wey dem cite for di findings point to transfers wey range from tens of millions to potentially hundreds of millions of dollars wey link to restricted actors.
Nobitex deny di allegations, say dem dey operate as independent private business and no get formal relationship with government agencies. Dem say any illicit flows go don happen without dia knowledge or approval.
Investigators from firms like Elliptic and Chainalysis identify wallet activity wey tie to sanctioned organizations wey dey interact with Nobitex. One analysis estimate say Iran central bank move hundreds of millions of dollars into crypto markets over several months, with portion of those funds passing through di exchange. Another set of findings link transactions wey involve wallets wey associate with di IRGC.
Di figures vary widely depending on methodology, but even conservative estimates suggest tens of millions of dollars for direct exposure. Di report outline several techniques wey dem use to reduce traceability, including frequent changes for wallet addresses and layered transactions across multiple accounts.
Nobitex don also guide users on how to navigate restrictions wey tie to international sanctions. Such practices, while no illegal for themselves, fit complicate efforts by regulators and investigators to track di origin and destination of funds. Routing assets through multiple steps before wey dem reach an exchange fit blur links between sanctioned sources and eventual recipients.
Di exchange na dem found by two brothers wey link to di influential Kharrazi family, wey get longstanding ties to Iran political and religious establishment. Di founders reportedly use alternative surname for company records and public-facing materials. Di investigation note say members of di broader family don hold senior roles across government, diplomacy, and religious institutions.
Nobitex no address detailed questions about these connections, but dem say dia founders never hold official government positions. For dia response, Nobitex say dem “never be arm of di government” and no get agreements with di central bank, di IRGC, or other state bodies. Di company also point to operational pressures wey dem face domestically, including regulatory restrictions and enforcement actions, arguing say these dey inconsistent with claims of state backing. Dem add say suspicious activity, when dem identify am, result for account closures, though dem no specify how dem make such determinations.
Di findings add to broader concerns among policymakers about di use of digital assets to bypass financial controls. At di same time, di transparency of blockchain transactions don allow investigators to trace flows wey for otherwise remain hidden. Di case highlight persistent tension: crypto platforms fit provide financial access for restricted environments, but dem fit also dey used by state actors wey dey seek alternatives to di global banking system.
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