Nobitex, Iran’s dominant cryptocurrency exchange serving over 11 million users, has evolved into a critical conduit for money laundering and sanctions evasion, enabling the Islamic Revolutionary Guard Corps (IRGC)—which controls up to 40% of Iran’s economy—to launder ransomware proceeds, darknet funds, and illicit revenues from proxy groups like Hamas, Hezbollah, and the Houthis through obfuscated multi-chain transfers and third-party platforms in lax jurisdictions. Blockchain analytics from firms like Elliptic and TRM Labs reveal wallet patterns linking Nobitex to sanctioned Russian exchanges such as Garantex, with major shareholders tied to Supreme Leader associates like Seyed Mohammad Baqer Kharazi, underscoring its dual role in retail trading and state-sponsored financial repression. The June 2025 $90 million hack by pro-Israel group Predatory Sparrow exposed these vulnerabilities, freezing millions in IRGC-linked assets via Tether, yet Nobitex persists as high-risk infrastructure, challenging global AML frameworks amid Tehran’s persistent crypto strategies despite U.S. OFAC actions.
Nobitex, Iran’s largest cryptocurrency exchange, has emerged as a pivotal player in facilitating illicit financial flows tied to sanctioned entities and jurisdictions. Through its vast user base and strategic ownership links to IRGC-affiliated political figures, Nobitex serves not only domestic cryptocurrency traders but also state-aligned actors seeking to evade international sanctions. Complex laundering methods involving multi-jurisdictional layering, decentralized asset transfers, and connections to ransomware and darknet funds underscore its integral role in Iran’s shadow financial network. The high-profile hacking incident in June 2025 revealed thousands of wallets linked to Nobitex, moving illicit funds exceeding $90 million. Despite international sanctions and law enforcement efforts, Nobitex continues to operate as a critical conduit for laundering and sanctions circumvention, posing significant challenges for global AML and counterterrorism financing frameworks.
