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How Iran Moves Money Despite Blackouts?

Nobitex, Iran’s largest crypto platform, was founded in 2018 by two brothers from the powerful Kharrazi family, closely tied to Iran’s ruling elite.

Using an alternative surname, they built Nobitex into a dominant exchange handling ~70% of Iran’s crypto transactions and serving ~11 million users.

Nobitex has become a key financial hub helping Iran bypass Western sanctions.

It processes tens to hundreds of millions of dollars linked to sanctioned entities; used by the Islamic Revolutionary Guard Corps and Iran’s central bank.

It enables both state actors and ordinary citizens to move money globally, continued operating during internet shutdowns and power outages.

Total processed crypto: ~$11 billion

Source: Reuters