This page is the official response of Farhad Moghadamsalimi to allegations published about him and his former business, Farhad Exchange. The facts below are taken from his approved biography.
Court case
In February–March 2020 (Esfand 1398), Mohammad Jorjandi, manager of the “Webamooz” website, published material against Farhad Moghadamsalimi that included accusations of, among other things, fraud, money laundering and a Ponzi scheme concerning the Bitroleum token. Farhad Moghadam Salimi himself filed a complaint in court. These accusations were rejected in the courts of Iran, and Mohammad Jorjandi was convicted by the judicial authorities of publishing falsehoods and insult. To this day, Farhad Moghadamsalimi has no criminal record in either Iran or Turkey; that is, he has not been convicted of any offence by any judicial authority, and no criminal case has been brought against him.
Farhad Moghadamsalimi has no criminal record in either Iran or Turkey.
Farhad Exchange
In 2004 he started a Yahoo group for market analysis. The group gained a wider audience day by day and, in response to market demand, gradually took the name “Farhad Exchange”. In 2009 the group became the website farhadexchange.com. Farhad Exchange was a platform for exchanging electronic currencies between users and was regarded as one of the early fully automated exchanges in Iran.
Bitcoin appeared in that same year, 2009, but at the time it was hardly traded. The common electronic currencies of that period, before the rise of Bitcoin, were e-gold, c-gold, WebMoney, Perfect Money and Liberty Reserve. Working with these currencies was legal and commonplace in its time. Around 2012 and 2013 Bitcoin was also added to Farhad Exchange’s list of currencies, and the business quickly became one of the largest exchanges in Iran at that time.
The buying and selling of the various instruments in this business was always carried out in accordance with the laws of the time, and wherever an instrument was declared legally prohibited, activity with it was stopped.
Cooperation with WebMoney
From 2009 to 2019 Farhad Moghadam Salimi was the official representative of WebMoney in Iran. His role was that of a “registrar” for issuing the WebMoney identity certificate (Personal Passport). That is, he reviewed the documents of WebMoney account holders and verified their identity. This representation did not involve buying or selling WebMoney or carrying out transactions for users. This cooperation ended in 2019, and he has had no activity in WebMoney since then. Today the use of WebMoney is prohibited in many countries, including Iran, Turkey and European countries. In practice, WebMoney no longer has any use in exchange outside Russia.
His role with WebMoney (2009–2019) was limited to identity verification as registrar for the Personal Passport. It involved no buying or selling and no transactions for users, and it ended in 2019.
From Farhad Exchange to efex.pro
Farhad Exchange operated under that name until 2019. After that it continued under the new brand efex.pro, managed by the team inside Iran. He remains one of the shareholders of efex.pro and takes part in its major decisions; the day-to-day running of the business is the responsibility of the team inside Iran. efex.pro operates in accordance with the regulations of the Central Bank of Iran, carries out full identity verification of its users, and strives to comply not only with domestic law but also with international anti-money-laundering requirements, and to keep away, as far as possible, from any funds that would be problematic in the view of international bodies. His capital in Turkey was transferred to Turkey in 2018 from the income earned from his investments and activities in Iran, through legal channels and under the supervision of his Turkish financial advisor, and the related taxes were paid. Since then he has transferred no funds between Iran and Turkey; since 2019 he has withdrawn no funds from this business, and his assets in Iran have remained there.
Transparency and compliance
- The buying and selling of the various instruments in his businesses has always been carried out in accordance with the laws of the time, and wherever an instrument was declared legally prohibited, activity with it was stopped.
- His role with WebMoney was limited to identity verification (registrar for the Personal Passport) and ended in 2019.
- He is one of the shareholders of efex.pro and takes part in its major decisions. Day-to-day management is the responsibility of the team inside Iran, and since 2019 he has withdrawn no funds from this business.
- He is a tax resident of Turkey and pays his taxes in Turkey. At present he personally has no bank account or tax file in Iran and receives no income from efex.pro.
- His capital in Turkey was transferred in 2018, legally, under the supervision of a Turkish financial advisor and with the related taxes paid. Since then he has transferred no funds between Iran and Turkey.
- He has never worked in any governmental, state or military body of Iran. Neither he nor efex.pro has had any receipts or payments with Iranian state bodies or with sanctioned persons or entities.
- Neither Farhad Moghadamsalimi nor efex.pro appears on the OFAC, European Union or United Nations sanctions lists. This was confirmed on 12 November 2026 by checking the official versions of these lists. The names Farhad Exchange and Ege Money also do not appear on these lists or on the UK Sanctions List.
Response videos (in Persian)
Related pages
- Court ruling in the Jorjandi case
- Official statement on the Bitroleum token project
- Full biography of Farhad Moghadamsalimi
- Frequently asked questions
Last updated: 12 November 2026
About the Author
This article was written by Farhad Moghadamsalimi, Senior General Manager of Ege Money and a market analyst with 30+ years of experience in financial markets.