What Nobitex does

Nobitex is Iran's largest cryptocurrency exchange, operating a direct-to-consumer trading platform that serves over 11 million registered Iranian retail users — more than 10% of the country's population — with spot trading across more than 150 cryptocurrencies denominated in Iranian Rial (IRT) and Tether (USDT). Founded in 2017 in Tehran by brothers Ali and Mohammad Kharrazi (who initially registered the company under the surname Aghamir to conceal their identity) and led by CEO Amir Hossein Rad, Nobitex processes an estimated 50-87% of Iran's total crypto transaction volume and over 50% of Iran's digital asset inflows as of 2025, generating approximately $5 billion in cumulative transactions between early 2025 and March 2026 alone. The platform's core value proposition addresses structural Iranian market needs: a domestic on-ramp/off-ramp for converting depreciating Rial savings into hard-asset digital currencies, hedging against hyperinflation that exceeded 200% by mid-2026, and circumventing international banking sanctions to access global financial markets.

The platform's technology stack is built around a web application (nobitex.ir) and an Android mobile application distributed via direct APK, Myket, Cafebazaar, and SibApp, supplemented by a public REST API for programmatic trading. Core products include spot trading, bilateral (two-sided) margin trading with up to 5x leverage — the only such product in Iran — alongside the Nobifi sub-brand for staking, yield farming, and liquidity pools, a crypto-backed lending product, Rial-denominated credit issued through partners (Tara, Digipay, Vansi, Azki, Vence), the Nobigift crypto gift-card product, TetherGold digital gold, an Easy Buy simplified onboarding interface, and a Prime subscription tier. Revenue is generated through a six-tier VIP trading-fee schedule (0.08-0.25% on spot), margin position extension fees (0.5% per day of position duration), cryptocurrency and Rial withdrawal fees, and interest income from crypto-collateralized lending products.

Nobitex monetizes a B2C retail base through transaction-based take rates and usage-based lending interest, with no enterprise sales motion and no disclosed external funding or institutional shareholders. The business model is exposed to severe regulatory risk: on June 2, 2026, the U.S. Treasury's OFAC designated Nobitex under E.O. 13224 and E.O. 13902 as part of Operation Economic Fury, individually sanctioning the Kharrazi brothers and CEO Amir Hossein Rad, while Tether froze $344.2 million across wallets linked to Iranian state entities. Despite these actions, Nobitex continues to operate domestically for Iranian users and recorded a 700% surge in crypto outflows during the February 28, 2026 U.S.-Israeli airstrikes, underscoring its role as critical national financial infrastructure even amid geopolitical crisis.

Name

Nobitex

Legal name

Nobitex Ltd.

Website

https://nobitex.ir

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

101–250 employees

Ownership category

akta.pro rank

Product category

Cryptocurrency Exchange

NAICS

Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

akta.pro secondary industries

Centralized Crypto Lending Platforms (CeFi) (FSADAFAA), Multi-Currency Accounts, Wallets & FX Management (Consumer/SME) (FSAGAKAF)

Keywords

• Cryptocurrency exchange
• Spot trading
• Margin trading
• Crypto lending
• Digital asset platform

Headquarters

HQ city

Tehran

HQ country

Iran

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales, Others

Revenue model

1. Spot Trading Commissions: Nobitex charges a percentage fee on the total transaction value for spot trades, with rates ranging from 0.08% to 0.25% depending on user VIP tier, market type (Rial or Tether), and whether the user is a maker or taker. Fees are charged from both sides of the trade.
2. Margin Trading Fees: Fees charged on margin trading positions including position rollover fees and a 0.5% pool share for each day a position is extended. Extension fees are deducted every 8 hours from collateral.
3. Crypto Withdrawal Fees: Fees charged for withdrawing cryptocurrencies off-platform, varying by cryptocurrency and network (e.g., BTC withdrawal fees range from 0.00005 BTC to 0.0002 BTC depending on network).
4. Toman Withdrawal Fees: Fees charged for withdrawing Iranian Rial (Toman), structured as a percentage of withdrawal amount (e.g., 1% for withdrawals under 400,000 Toman, flat 4,000 Toman for amounts between 400,000 and 40 million Toman).
5. Crypto Lending Interest: Interest income generated from crypto-backed lending products where users borrow crypto against their crypto holdings as collateral. The platform charges an annual percentage rate on borrowed crypto.
6. Rial Credit Products: Interest income from Rial-denominated credit products (e.g., Tara, Digipay, Vansi, Azki, Vence) where users borrow Rials against crypto collateral, with partners bearing credit risk and Nobitex acting as collateral custodian.
7. Staking and Yield Farming Products: Revenue generated from staking and yield farming services where users lock crypto assets and receive rewards, with Nobitex sharing in protocol-level rewards.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

Nobitex is Iran's largest cryptocurrency exchange, operating a web and mobile platform that enables retail users to buy, sell, and trade over 150 cryptocurrencies against Iranian Rial (IRT) and Tether (USDT). Beyond core spot trading, the platform offers margin trading with up to 5x leverage, staking and yield farming (Nobifi), crypto-backed lending, a digital gold product (TetherGold), crypto gift cards (Nobigift), and a premium Prime subscription. The platform serves 11+ million registered users and processes over 50% of Iran's digital asset inflows.

Product overview

Nobitex operates as a unified cryptocurrency exchange platform offering a comprehensive suite of trading and financial services. The core product is spot trading across 150+ cryptocurrencies in both Toman (IRT) and Tether (USDT) markets. The platform extends its offering through integrated modules including margin trading with up to 5x leverage, crypto lending and borrowing services, passive income products (Nobifi staking/yield farming and liquidity pools), digital gold (TetherGold), and rial-denominated credit facilities. Additional services include a mobile application, portfolio tracking, gift cards (Nobigift), and a premium Prime subscription. The architecture combines a core exchange engine with modular financial services products.

Differentiator

Problem solved

Functional benefit

Brands

• Nobifi (نوبیفای): Wealth growth platform under Nobitex offering staking, yield farming, and liquidity pool services for users to earn passive income on their cryptocurrency holdings.
• Nobitex Lending (اعتبار رمزارزی)

Products and services

• Spot Trading (معاملات اسپات) Core cryptocurrency exchange service enabling retail users to buy and sell over 150 digital assets including Bitcoin, Ethereum, and Tether against Iranian Rial (IRT) and Tether (USDT) markets with real-time pricing and order matching.
• Margin Trading (معاملات تعهدی) Leveraged trading product allowing users to open both long and short positions with up to 5x multiplier, enabling profit from rising and falling markets with position extension fees.
• Nobifi Wealth Growth (نوبیفای) Passive income service offering staking, yield farming, and liquidity pool participation, allowing users to earn rewards by holding cryptocurrencies and participating in consensus processes.
• Crypto Lending (اعتبار رمزارزی) Crypto-backed credit service enabling users to borrow one cryptocurrency using another as collateral, with flexible repayment terms and no fixed installment period, offered in partnership with lending providers such as Vansi, Azki, and Vence.
• TetherGold (تترگلد) - Digital Gold Digital gold product offering users the ability to purchase gold-backed digital assets, combining cryptocurrency accessibility with gold investment benefits.
• Easy Buy (خرید آسان) Simplified purchasing interface allowing users to quickly buy cryptocurrencies with minimal steps, targeting new users with streamlined onboarding and small minimum order sizes.
• Nobigift Crypto Gift Cards (نوبی گیفت) Crypto gift card service allowing users to send cryptocurrency gifts in attractive formats to friends and family, available only in Tether market.
• Prime Subscription Premium subscription service offering enhanced features and benefits for dedicated users, providing exclusive access to advanced trading tools and reduced fees.
• Nobitex Mobile Application Full-featured Android mobile application providing complete exchange functionality on mobile devices, available through direct APK download, Myket, Cafebazaar, and SibApp app stores.
• Rial Credit (اعتبار ریالی) Rial-denominated credit service offered in partnership with financial institutions (Tara, Digipay), enabling users to obtain loans and purchase credit using cryptocurrency as collateral.

Quantifiable outcome

• 11+ million registered users as of 2026, up from 6 million in 2023 and 3.5 million in 2021, representing over 10% of Iran's population
• +4 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature11 records

Partnerships

Nine partnerships are on record, tiered critical, core and supporting.

• Tether (USDT)criticalOthers · 2 June 2026Tether is the primary stablecoin used on Nobitex's platform. Treasury's Office of Foreign Assets Control (OFAC) designated Nobitex along with other Iranian exchanges on June 2, 2026. Tether reportedly assisted in freezing $344.2 million across wallets linked to Iran's Central Bank, IRGC-Qods Force, and Hezbollah. Tether's USDT stablecoin is the dominant trading pair on Nobitex and the primary mechanism for Iran's Central Bank to access digital dollars. Iran's Central Bank purchased over $500 million in USDT via Tron between November 2024 and June 2025.
• Tara (Digital Payments Platform)coreStrategic or Co-development PartnerTara is a buy-now-pay-later (BNPL) and digital payments platform partnered with Nobitex for credit products. Tara (owned by Tava Development and Trading Company, National ID 14007678524) provides installment purchase credit to Nobitex users, with crypto held in Nobitex wallets serving as collateral. The partnership enables Rial-denominated credit for goods and services purchases at Tara-accepting merchants.
• Digipay (BNPL)coreStrategic or Co-development PartnerDigipay (Innopay Digital Payment, National ID 14007678524) provides BNPL credit products integrated with Nobitex's platform. Users can obtain credit by depositing crypto as collateral. Digipay offers 1PAY (single installment), 4PAY (4 installments over 3 months), and 6PAY (6 installments over 5 months) products. The platform is regulated under Iranian law and Central Bank guidelines.
• Vansi (Crypto-Backed Lending)supportingStrategic or Co-development PartnerVansi is a crypto-collateralized lending service partnered with Nobitex. It provides loans to Nobitex users with crypto assets held as collateral. The loan amount, interest rate, and term are displayed in Vansi's calculator. Vansi relies on Nobitex for identity verification and collateral custody.
• Azki (Crypto-Backed Loan)supportingStrategic or Co-development PartnerAzki is a crypto-collateralized loan provider partnered with Nobitex, offering installment loans to users with crypto assets as collateral. Financed by Afra Digital Capital, with loan administration handled through the Azkivam.com platform.
• Vence (Crypto-Backed Loan)supportingStrategic or Co-development PartnerVence is a crypto-collateralized loan provider partnered with Nobitex for installment credit products, with loan terms and interest rates managed through the Vence platform.
• Tron (TRX Blockchain Network)criticalTechnology or IntegrationTron is a blockchain network created by Justin Sun that serves as a critical infrastructure layer for Nobitex's operations. Reuters analysis found Nobitex processed at least $2.3 billion since 2023 through Tron. Iran's Central Bank purchased over $500 million in Tether's USDT via Tron between November 2024 and June 2025, with funds routed through Nobitex. Tron founder Justin Sun is also a prominent backer of World Liberty Financial, the Trump family's crypto venture.
• BNB Chain (BNB Blockchain Network)criticalTechnology or IntegrationBNB Chain is a blockchain network created by Changpeng Zhao (CZ) that serves as a critical infrastructure layer for Nobitex. Reuters analysis found Nobitex processed at least $2.3 billion since 2023 through BNB Chain. CZ, Binance's founder, was pardoned by Trump in October 2025 and is also a prominent backer of World Liberty Financial.
• CoinExcriticalTechnology or IntegrationCoinEx is a Seychelles-based cryptocurrency exchange identified by TRM Labs as Nobitex's largest foreign counterparty. TRM analysis found approximately $2.7 billion in flows between CoinEx and Nobitex, with $763 million flowing between the platforms in 2025 alone. CoinEx reportedly served as Iran's primary offshore crypto gateway through over 60 domestic Iranian platforms including Nobitex. Following Nobitex's OFAC sanctions, CoinEx began restricting Iranian users and implementing geo-fencing.

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ramzinex: Ramzinex is one of the four OFAC-designated Iranian crypto exchanges, offering similar spot trading services to Iranian retail users in Rial/USDT markets. It is a direct competitor with comparable product scope to Nobitex.
• Bitpin: Bitpin is one of Iran's other major domestic cryptocurrency exchanges, co-designated by OFAC alongside Nobitex on June 2, 2026. It serves the same Iranian retail user base with similar spot trading, Rial/USDT pairs, and is a direct competitor in Iran's crypto market.
• Wallex: Wallex is another Iranian domestic crypto exchange concurrently sanctioned by OFAC alongside Nobitex and Bitpin. It competes directly in the Iranian Rial/crypto on-ramp-off-ramp market and offers a comparable spot trading product.

Broad incumbents

• Binance: Binance is the world's largest centralized cryptocurrency exchange by volume. While it does not serve Iranian users due to sanctions, it is the global archetype of a centralized crypto exchange with spot, margin, staking, and lending products — directly comparable in product architecture to Nobitex.
• Coinbase: Coinbase is a major U.S.-regulated cryptocurrency exchange offering spot trading, staking, and institutional services. As a broad incumbent, it operates the same centralized exchange business model as Nobitex but in compliant Western markets.
• KuCoin: KuCoin is a global centralized cryptocurrency exchange known for listing a wide range of altcoins (1,000+ tokens) — a product breadth comparable to Nobitex's 150+ crypto offerings. It serves a globally dispersed retail user base with similar trading and yield products.
• OKX: OKX is a major global crypto exchange with comprehensive spot, margin (up to 100x), derivatives, and DeFi/yield products. Its multi-product suite and leverage offerings most closely mirror Nobitex's product architecture.
• Bybit: Bybit is a leading global crypto derivatives and spot exchange. While it does not serve Iranian retail, its product mix of leveraged trading and high user volumes makes it structurally comparable to Nobitex's domestic exchange model.
• Kraken: Kraken is a long-standing U.S.-based cryptocurrency exchange offering spot, margin, and staking. As an established Western incumbent, it represents the compliance-oriented counterpart to Nobitex's exchange model.

Emerging players

• CoinEx: CoinEx is the Seychelles-based exchange identified by TRM Labs as Nobitex's largest foreign counterparty, with $763M in 2025 flows. It is not a direct retail competitor to Nobitex in Iran, but represents the offshore gateway infrastructure layer comparable to Nobitex's role domestically.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xtwitter.com/nobitexmarket
• YouTubeyoutube.com/c/Nobitex?sub_confirmation=1
• LinkedInlinkedin.com/company/nobitexmarket
• Instagraminstagram.com/nobitex_market

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nobitex