| Nobitex | |
| Industry: | Cryptocurrency |
| Foundation: | 2017 |
| Location Country: | Iran |
Nobitex is Iran's largest cryptocurrency exchange developed by knowledge-based company Rahkar Fanavari Noyan. 87% of all funds, domestic and international, that transferred in Iranian exchanges in 2022 - equivalent to US$2.6 billion - were processed and transferred at Nobitex.[1]
The name Nobitex is a combination of No (lit. New), Bit (referring to Bitcoin) and Ex (abbreviation of Exchange).
TRM Labs' research found that crypto exchanges were a major force in the Iranian crypto market. Nobitex processed 87% of all trading volume; this amounted to around $2.6 billion in transaction volumes in 2022.[1] According to data examined by the US-based blockchain research center Chainalysis, a significant amount of money transferred between Nobitex and other exchanges was conducted through Binance.[2]
One of the top seven searches of Iranians in 2021 was "Nobitex login".[3]
Reuters published a report claiming that the leading crypto exchange Binance had processed $7.8 billion worth of transactions from Iranian firms since 2018, despite US financial sanctions.[4] Reuters' claims in its report highlight two main issues: financial transferred between Nobitex and Binance, and Nobitex's role in evading U.S. sanctions against Iran.
Nobitex refuted the claims, claiming that the format in which the statistics were presented was "misleading". Regarding the second claim that they played a role in evading sanctions, Nobitex defended its stance and announced that these claims are related to the activity of users within the Nobitex platform.[5]