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Reuters, Elliptic Report Nobitex Handled About $500 Million in Iran-Linked Crypto

According to Reuters, Nobitex was founded in 2018 by Ali and Mohammad Kharrazi, has more than 11 million users, and saw differing estimates of sanctions-linked transactions from Elliptic and Chainalysis.

Fact Check
The core claim is well-supported by the primary Reuters investigation (May 1, 2026) and multiple independent corroborating outlets. Specifically: (1) Elliptic did report on Nobitex's role in Iran-linked crypto flows; (2) the ~$500 million figure refers to Iran's Central Bank wallet activity between November 2024 and June 2025 per Elliptic; (3) the $347 million sub-figure is confirmed as the amount the Central Bank specifically sent to Nobitex in H1 2025; (4) the tie to Iran's central bank is explicitly confirmed; (5) Binance is referenced in the Reuters piece via a prior investigation. The only minor nuance is that the claim's framing of '$500 million handled by Nobitex' slightly conflates the broader Central Bank wallet activity ($500M) with what specifically flowed into Nobitex ($347M in H1 2025, with Elliptic's total suspect flow estimate at $366M). The overall characterization of 'about $500 million in Iran-linked crypto' is substantively accurate as a headline summary of the Reuters/Elliptic findings.
Summary

Reuters and blockchain analytics firm Elliptic previously reported that Nobitex processed about $500 million in cryptocurrency tied to Iran’s central bank, including roughly $347 million in inflows during the first half of 2025. Reuters also reported that Nobitex was founded in 2018 by Ali and Mohammad Kharrazi, serves more than 11 million users, remained operational during internet shutdowns, and handled more than $100 million in wartime trading volume. The latest report adds differing blockchain analytics estimates for sanctions-linked transactions: Elliptic estimated $366 million, while Chainalysis estimated $68 million. Nobitex denied having ties to the Iranian government and said illegal activity accounted for only a small share of its business.

Terms & Concepts
  • blockchain analytics: The use of on-chain data to trace cryptocurrency transactions, wallets, and fund flows across blockchain networks.
  • sanctioned entities: Individuals, companies, or organizations subject to legal restrictions that limit financial dealings, often under national or international sanctions.
  • wartime trading volume: The total value of trades processed during a period of armed conflict, indicating market activity under stressed conditions.