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Nobitex, the dominant crypto exchange in Iran, was founded by two brothers from the Kharrazi family, a clan related by marriage to all three supreme leaders of the Islamic Republic, according to a lengthy Reuters investigation published Friday.
Reuters reported that brothers Ali and Mohammad Kharrazi registered the company in 2018 using the surname Aghamir Mohammad Ali, a name they used in corporate filings, university life and a Nobitex marketing brochure, while other relatives publicly use the Kharrazi name. The brothers founded the company alongside chief executive Amir Hosein Rad, who is not related to the family.
Their grandfather reportedly sat on the Assembly of Experts, the body that selects Iran's supreme leader, and once tutored Mojtaba Khamenei, who succeeded his father Ali Khamenei as supreme leader after the Feb. 28 U.S. and Israeli airstrike. Their father, Ayatollah Bagher Kharrazi, founded the Iranian political organization Hezbollah, distinct from the Lebanese militia, and according to Reuters helped staff the Islamic Revolutionary Guard Corps (IRGC) after the 1979 revolution.
Reuters said it traced the link by cross-referencing Iranian corporate, government and banking records, and noted that the email address used to register the Nobitex domain in 2017 contained the Kharrazi name and was also used for a religious charity chaired by the brothers' father.
In a statement to Reuters, Nobitex denied any government affiliation, said the brothers had not changed their identity and characterized any illicit funds moving through the platform as a "very small fraction of overall volume" that occurred without management's awareness. Iran's government did not respond to requests for comment from Reuters
The exchange claims roughly 11 million users and handles about 70% of Iran's crypto activity, according to figures cited in the Reuters report. The Block has previously covered Nobitex's outsized role in the country's sanctioned crypto ecosystem, including $11 billion in lifetime inflows tracked by Chainalysis.
Estimates of illicit volume on Nobitex vary widely across blockchain analytics firms. Reuters cited Elliptic identifying around $366 million in suspect flows, Chainalysis estimating closer to $68 million, and Crystal Intelligence pointing to roughly $22 million in direct transfers from sanctioned wallets. All three firms told Reuters the true figures are likely higher.
A separate Elliptic analysis cited by Reuters found that wallets controlled by the Central Bank of Iran sent about $347 million to Nobitex in the first half of 2025, part of a larger central bank crypto buying program Elliptic has previously documented.
Reuters also reported that one of Nobitex's largest early backers, Mohammad Bagher Nahvi, is vice chairman of Safiran Airport Services, a company sanctioned by the U.S. Treasury in September 2022 for coordinating flights tied to Iranian drone shipments to Russia.
A 2025 spat between disgraced Iranian businessman Babak Zanjani and the Central Bank of Iran inadvertently exposed wallet addresses that allowed Crystal Intelligence and another analyst to identify at least $20 million in central bank funds that had been routed through Nobitex, according to Reuters
Nobitex has continued processing transactions throughout the ongoing U.S.-Israeli war in Iran, even during the nationwide internet blackout imposed Feb. 28, Reuters reported, citing Crystal Intelligence and other blockchain analytics firms.
Crystal Intelligence told Reuters that Nobitex has processed more than $100 million in transactions during the war, around 20% of normal activity, while $54 million has been withdrawn from the exchange since the conflict began, with much of it moving abroad to brokers who convert crypto to cash. The Block has previously reported on similar post-strike outflow surges tracked by Chainalysis.
Internet monitoring firm NetBlocks told Reuters that only 1% to 2% of Iranians, those on a "state-approved whitelist," currently have internet access.
The U.S. Treasury announced new sanctions on April 28 targeting what it described as Iran's shadow banking infrastructure, but Nobitex was not among the designated entities. Reuters reported it could find no indication that any member of the Kharrazi family had been sanctioned by Western governments.
In a statement to Reuters, Senator Elizabeth Warren, D-Mass., ranking Democrat on the Senate Banking Committee, called the findings a "flashing red light" and said adversaries are using digital assets to move funds outside the U.S.-led financial system
Binance, which Reuters previously reported moved $7.8 billion for Nobitex clients despite U.S. sanctions, did not respond to questions from Reuters for the new report. Former Binance CEO Changpeng Zhao was sentenced to prison in 2024 for money laundering violations and later pardoned by President Donald Trump in 2025
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The Tokyo-based broker is betting big on crypto with plans in Singapore and a Visa partnership for bank cards that allows users to accumulate digital assets.
SBI frames the Bitbank move as part of its broader strategy to expand its crypto footprint and strengthen its position ahead of potential regulatory changes in Japan.
Japan’s cabinet approved a draft amendment last month that would classify cryptocurrencies as financial products, bringing crypto assets under the Financial Instruments and Exchange Act, which is used for stocks and other securities. If passed during the current parliament session, the law could take effect as early as fiscal 2027.
SBI already absorbed Bitpoint, a regulated Japanese crypto exchange that offers spot trading and has offered an onchain bond from which investors can receive rewards in XRP.
The move is also part of SBI’s broader regional expansion push, having disclosed plans to acquire a majority stake in Singapore-based Coinhako, a MAS-regulated digital asset platform in February.
SBI has also commenced a Visa partnership to launch credit cards that automatically convert spending rewards into crypto (BTC, ETH, or XRP), enabling users to accumulate digital assets through everyday purchases, according to a separate announcement on Friday.
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Startup Fence uses blockchain technology and tokenization in the background to automate processes that many asset managers still rely on manual workflows.
That layer — from tracking loan pools to verifying collateral and moving cash — is often fragmented across multiple firms and still runs on spreadsheets, PDFs and email. The setup can slow transactions and leave investors with limited visibility into the assets backing their investments.
Fence aims to replace those processes with a single system that updates data in real time, Juan Montero, co-founder and CEO of Fence, told CoinDesk in an interview. Lenders can monitor loan performance and cash flows continuously, rather than relying on periodic reports, he explained.
The company says that approach can cut costs for big asset managers. In deals with BBVA, one of Spain's largest banks overseeing $800 billion in assets, Fence reported lower funding costs for borrowers and reduced operational work, while tracking large volumes of loans on an ongoing basis.
Fence is using blockchain less as a front-end product than as back-end plumbing. The company does not pitch banks and asset managers on tokens or crypto wallets. Instead, it uses smart contracts behind the scenes to manage cash, collateral and the rules that govern these deals.
In a typical facility, lenders may wait days for loan data to be checked, reports to be sent and payments to clear, Montero said. Fence pulls that information through APIs, runs checks in software and uses smart contracts to release cash when deal terms are met, he said.
The company can also tokenize lender positions in financing vehicles and, in some cases, the underlying loans or invoices. That can allow investors to transfer positions, borrow against them or receive payments automatically if ownership changes. Still, Montero said tokenization is only used where it adds value.
We don't want to be seen as a blockchain company. We’re building the infrastructure for the capital markets," Montero said. “Others digitize the paperwork. Fence rebuilt the plumbing."
The company says it now oversees about $1.5 billion in assets across its platform, working with firms including BlackRock and Fortress. It can onboard new deals in weeks, compared with months under standard processes.
The funding will help the company expand in the U.S. and build out its product, Montero said, betting that faster data and fewer manual steps can reshape how credit markets operate behind the scenes.
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Breakouts look exciting—but most of them are traps.
Retail traders see price breaking a level and jump in.
Smart traders wait… because they know one thing:
Liquidity comes first.
On charts like Bitcoin, many “breakouts” are actually fake moves designed to trigger stop-losses.
What’s Really Happening?
Price breaks resistance
Traders enter long
Liquidity gets taken
Price reverses sharply
This is called a liquidity sweep.
How to Trade It
Instead of entering the breakout:
Wait for a fake breakout (wick)
Look for rejection
Enter in the opposite direction
This is how professionals turn traps into profits.
Final Thought
Don’t chase breakouts.
Trade the reaction, not the move.
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