Catenaa, Monday, March 09, 2026- Cryptoasset outflows from Iran’s largest digital exchange surged 700% to nearly $3 million within 48 hours of coordinated US and Israeli military strikes, analytics firm Elliptic reported
The spike occurred on Nobitex despite a broader collapse in trading activity.
Transaction volumes across Iranian platforms fell about 80% between February 27 and March 1 as internet restrictions limited access, data show.
Analysts said the withdrawal wave reflected capital flight rather than routine trading.
Users who retained connectivity prioritized transferring assets to overseas exchanges and private wallets, bypassing domestic banking channels.
The primary vehicle for the outflows was Tether’s USDT, widely used for its dollar peg and deep liquidity.
Iran’s central bank ordered major platforms, including Nobitex and Wallex, to suspend USDT-to-toman trading pairs, effectively freezing a key bridge between the local currency and global crypto markets.
Separate research by TRM Labs attributed the volume collapse to access constraints rather than structural failure. However, the concurrent surge in withdrawals suggests eroding confidence in domestic exchanges.
On-chain analysis indicates about 5.9% of recent transaction volume is linked to illicit or sanctioned activity, raising compliance concerns for global regulators, including the US Treasury’s Office of Foreign Assets Control.
