Cryptocurrency activity in Iran has seen a drastic decline following the US and Israeli military strikes. Strict internet restrictions disrupted access to digital asset platforms. According to blockchain analytics firm TRM Labs, crypto transaction volumes across Iranian exchanges fell by roughly 80% between February 27 and March 1, 2026.
The sharp drop was largely attributed to nationwide internet shutdowns imposed shortly after the military operations began on February 28, 2026. Analysts reported that internet connectivity across the country fell by approximately 99%.
Despite the reduction in activity, TRM noted that the core infrastructure of Iran’s crypto ecosystem remains operational.
Major Iranian cryptocurrency platforms responded to the disruption by adopting defensive operational strategies to manage liquidity and protect the assets of users.
Exchanges, including Nobitex, Wallex, and Tabdeal, implemented measures such as suspension of temporary withdrawal, processing batched transactions, and reducing the depth of trading.
Nobitex, Iran’s largest crypto exchange, reportedly maintained deposits and withdrawals where possible but warned users to expect delays due to network limitations and lower liquidity.
Tabdeal started conducting two withdrawal batches daily, while Ramzinex stopped all deposit and withdrawal activities for operational stability.
Meanwhile, Wallex suspended all withdrawal activities for an indefinite period amid infrastructure problems, resulting from a data center outage.
TRM Labs reported that Nobitex recorded approximately $3 million more in combined inflows and outflows following the strikes.
However, the firm emphasized that these movements remained within the exchange’s historical operating range and were likely linked to the management of internal liquidity rather than large-scale withdrawals by users.
The assessment contrasts with earlier analysis from blockchain intelligence firm Elliptic, which suggested that outflows from Nobitex may have surged by as much as 700%, raising speculation about possible capital flight.
TRM’s analysis, however, indicated that some of the transfers were routine adjustments to infrastructure, including a $35 million transfer from a wallet to cold storage on the Polygon network.
Another major factor impacting the crypto market was intervention by Iran’s central bank, which directed several exchanges to temporarily suspend trading of the USDT-toman pair.
The trading pair serves as a key bridge between stablecoins pegged to the US dollar and Iran’s local currency.
By restricting it, regulators effectively slowed users' ability to move into dollar-denominated assets during a period of currency volatility.
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TRM estimates that Iran-linked wallets have processed roughly $11 billion in crypto transactions since the start of 2025.
Nobitex alone has handled approximately $5 billion in trading volume this year, making it a dominant platform within the country’s crypto ecosystem.
While geopolitical tensions and infrastructure disruptions have temporarily reduced activity, analysts believe digital assets will remain a key financial tool for many Iranian users.