These entities include Iranian government bodies, amid indirect accusations of involvement
by networks connected to the country’s political and economic elite. The company denies any official ties to these entities.
The investigation revealed that the two brothers who founded the platform belong to an influential Iranian family
with close ties to centers of power within the state, and that they deliberately used
a different family name when establishing the company in 2018.
It also noted that the platform rapidly expanded to become a major player in the cryptocurrency market within Iran.
Furthermore, its user base exceeded millions of individuals despite the sanctions imposed on the Iranian banking system.
Sanctionable transfers
According to blockchain transaction tracking data and analysis, Nobitex executed financial transfers ranging
from tens to hundreds of millions of dollars linked to sanctioned entities, including Iranian financial institutions.
The investigation noted that the use of cryptocurrencies has become an alternative means for Tehran
and its allies to circumvent Western restrictions, which have been imposed on bank transfers.
Company denial and international controversy
For its part, Nobitex denied any direct ties to the Iranian government or providing services to official entities.
It asserted that any illegal transactions were conducted without the knowledge of its management.
The investigation has drawn international reactions, with US lawmakers describing the findings
as a “wake-up call” regarding the use of digital assets to finance activities outside
the traditional global financial system. This comes amid weak international oversight of the sector.
