Catenaa, Thursday, March 05, 2026- Iran’s cryptocurrency transaction volume fell about 80% between February 27 and March 1 following US and Israeli military strikes.
However, the market’s core infrastructure remains intact, according to blockchain analytics firm TRM Labs.
In a blog post Monday, TRM attributed the sharp contraction primarily to nationwide internet restrictions imposed after the strikes began February 28.
The firm said major domestic exchanges continue operating in what it described as a risk-managed state, with temporary withdrawal suspensions, batched processing, and reduced market depth.
Iran’s central bank ordered several platforms, including Nobitex, Wallex and Tabdeal, to suspend trading of the USDT-toman pair, a primary link between crypto assets and the local currency. When trading resumed, thin order books and brief price dislocations pointed to strained liquidity.
TRM said Nobitex recorded roughly $3 million more in combined inflows and outflows after the strikes, though it cautioned that such flows were not necessarily outside routine activity. That assessment contrasts with analysis from Elliptic, which reported a 700% spike in outflows at Nobitex and suggested potential capital flight.
TRM urged caution in interpreting the data, stating that recent patterns reflect mechanical access limitations rather than a breakdown in exchange infrastructure.
The strikes killed Iran’s supreme leader, Ali Khamenei, intensifying regional tensions. Iranian officials have ruled out negotiations with the US despite comments from President Donald Trump indicating willingness to engage.
