Who owns Novitex: Iran's largest crypto exchange used by IRGC to move millions - explainer

The Jerusalem Post's report delves into the intricate financial network surrounding Iran's largest cryptocurrency exchange, Nobitex, exposing its deep connections to the ruling elite and its role in circumventing international sanctions. The article highlights how the Kharrazi family, a prominent dynasty with ties to Iran's supreme leaders, controls Nobitex through its sons, Ali and Mohammad Kharrazi. This familial connection is presented as a key factor in the exchange's ability to operate and facilitate transactions for sanctioned entities, including the Islamic Revolutionary Guard Corps (IRGC) and the Iranian central bank. The report underscores the significance of this revelation at a critical juncture for Iran, particularly concerning the IRGC's expanding influence in the economy and security apparatus following the recent killing of Supreme Leader Ali Khamenei. The article notes that Nobitex has managed to avoid direct designation by Western governments, a fact that raises questions about why it has been spared penalties unlike other major Iranian economic players. The narrative emphasizes Nobitex's dual role: providing ordinary Iranians with access to global markets amidst economic sanctions and currency devaluation, while simultaneously acting as a conduit for state-linked funds beyond the reach of conventional banking systems. This dual function positions Nobitex as a vital, albeit controversial, component of Iran's parallel financial infrastructure.