The landscape of cryptocurrency in Iran is transforming at an unprecedented pace, capturing the attention of global regulatory agencies. As US authorities investigate potential connections between digital asset platforms and Iranian state actors, the role of cryptocurrencies in circumventing sanctions is back in the spotlight.
The Surge in Iranian Crypto Activity
Recent reports by NBC News indicate that Iran’s crypto transaction volumes climbed dramatically, reaching estimates between $8 billion and $10 billion last year. This increase highlights a growing enthusiasm for digital currencies among both state-linked organizations and individual users.
Research from esteemed blockchain firms illustrates a consistent rise in cryptocurrency adoption within Iran, despite the tightening grip of international financial sanctions.
For instance, recent findings from blockchain analytics firms suggest that the total volume of crypto transactions in Iran was approximately $10 billion last year, juxtaposed with $11.4 billion expected in 2024. Notably, records from Chainalysis confirmed that Iranian-linked wallets received a staggering $7.8 billion in 2025, a significant rise from $3.17 billion in 2023.
The inquiry by US officials seeks to determine whether certain crypto platforms might have inadvertently assisted sanctioned entities in transferring funds abroad or acquiring assets that would otherwise be restricted.
Ari Redbord, the global policy head at TRM Labs, highlighted the Treasury’s scrutiny of digital asset services in relation to sanction violations. He indicated first-hand knowledge of the Treasury Department’s heightened vigilance on this issue.
Although a Treasury spokesperson refrained from commenting on the specifics of the investigation, they pointed to earlier announcements detailing measures aimed at curbing illicit financial networks that allegedly leverage cryptocurrencies to sidestep sanctions.
Understanding Crypto Adoption Trends
Widespread adoption of crypto has become evident among the Iranian populace. Nobitex, which stands as the leading cryptocurrency exchange in the country, reported that approximately 15 million Iranians are now engaged with digital assets in some capacity.
The platform claims to service around 11 million users, most of whom are retail investors. Nobitex noted that many Iranians primarily utilize cryptocurrencies as a means of saving, especially in light of the persistent decline in the value of the rial.
Data insights from Nansen, a blockchain analytics firm, show a notable shift in asset movement among Iranian users on Nobitex throughout 2025. The data indicates that balances of significant cryptocurrencies on the exchange saw a considerable drop from mid-year highs.
Analyst Nicolai Sondergaard elaborated that this indicates a gradual transition rather than a sudden capital exodus, emphasizing that funds have persistently shifted toward platforms beyond Iran throughout 2025.
Nobitex disclosed that while some clientele might employ digital assets for international transfers, they do not monitor the final destinations or purposes of these transactions. The exchange asserts that their extensive monitoring systems are in place to detect suspicious activities while safeguarding user funds.
Following a notable security breach in June, concerns around asset safety may also have influenced user strategies. Nobitex stated that customers frequently transfer their holdings to self-custodied wallets as a temporary measure, allowing them time to evaluate risks and consider re-deposits in the future.
Image sourced from OpenArt; chart data courtesy of TradingView.com.
