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| Industry | Cryptocurrency |
|---|---|
| Founded | 2017 |
| Headquarters | Iran |
| Website | nobitex |
Nobitex (Persian: نوبیتکس) 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.
Name
The name Nobitex is a combination of "no" (lit. New), "bit" (referring to Bitcoin) and "ex" (abbreviation of exchange).
Market share
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. 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.
One of the top seven searches of Iranians in 2021 was "Nobitex login".
Nobitex and Binance
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. 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.
See also
References
- ^ "Iran's Crypto Economy | TRM Insights". www.trmlabs.com. Retrieved 2023-07-15.
- "Binance says crypto moved through platform from 'bad actors' in Iran". Al Arabiya English. 2022-11-05. Retrieved 2023-08-01.
- "Iranians' Top Trending Queries on Google Search Engine in 2021". Financial Tribune. 2021-12-24. Retrieved 2023-07-15.
- Berwick, Angus; Wilson, Tom; Berwick, Angus; Wilson, Tom (2022-11-07). "Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions". Reuters. Retrieved 2023-07-10.
- "Nobitex responded to the Reuters report regarding the relationship with Binance". Eghtesadonline. 2022-11-06. Retrieved 2023-08-19.
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