Crypto activity in Iran has expanded rapidly over the past year, drawing renewed attention from US authorities who are now examining whether certain digital asset platforms may have played a role in helping Iranian officials and state‐linked actors bypass international sanctions.
Rising Iran Crypto Volumes
According to a blockchain researcher cited by Reuters, cryptocurrency transaction volumes tied to Iran surged to an estimated range of $8 billion to $10 billion over the past year, as both government‐connected entities and everyday users increasingly turned to digital assets.
Estimates from blockchain analytics firms TRM Labs and Chainalysis show that crypto usage in Iran has grown steadily despite mounting restrictions on the country’s access to the global financial system.
TRM Labs estimates that crypto activity in Iran reached roughly $10 billion last year, compared with $11.4 billion in 2024. Chainalysis reported similar growth, saying wallets linked to Iran received a record $7.8 billion in 2025, up from $7.4 billion in 2024 and $3.17 billion in 2023.
US authorities are now investigating if crypto platforms, which weren’t mentioned in the report, have enabled sanctioned Iranian organizations to move money offshore, access hard cash, or pay for items in ways that circumvent sanctions.
Ari Redbord, global head of policy at TRM Labs, said the US Treasury is actively examining whether digital asset services were used to facilitate sanctions evasion. Redbord said he had direct knowledge of the Treasury Department’s concerns.
A Treasury spokesperson declined to comment directly on the investigation but pointed Reuters to a statement issued in September announcing new measures targeting so‐called “shadow banking” networks that support Iran, including those that officials say rely on cryptocurrencies to avoid sanctions.
What Blockchain Data Shows
Inside Iran, crypto adoption has spread widely among the public. Nobitex, the country’s largest cryptocurrency exchange, told Reuters that industry estimates suggest around 15 million Iranians have some level of exposure to digital assets.
The exchange said it has approximately 11 million customers, with most activity coming from retail users and smaller investors. According to Nobitex, many Iranians use crypto primarily as a way to store value amid the continued decline of the rial.
Data from analytics firm Nansen suggests that some Iranian users moved funds out of Nobitex during 2025. The firm said balances of major cryptocurrencies on the exchange fell sharply from a peak reached around the middle of the year.
Analyst Nicolai Sondergaard said the data indicates that digital assets in Iran have increasingly served as a gradual exit channel rather than a one‐time flight of capital. According to Nansen’s analysis, funds did not leave the crypto ecosystem entirely but instead moved steadily toward platforms outside the country throughout 2025.
Nobitex acknowledged that some customers may use digital assets to move funds internationally, but said it does not track the final destination or purpose of those transactions.
The exchange stated that it employs robust monitoring systems designed to detect potentially suspicious activity and protect user assets. It also said concerns about asset safety following the June hacking incident may have influenced user behavior.
In many cases, Nobitex explained, customers transferred assets to self‐custodied wallets rather than directly to overseas exchanges. The exchange said this approach allows users to secure their holdings temporarily while assessing risks and deciding whether to redeposit funds later.
Featured image from OpenArt, chart from TradingView.com
