According to the website - By CryptoPotato_News
Cryptocurrency trading in Iran sharply slowed down in 2025. A combination of geopolitical tensions, cyberattacks, and tightening regulations shook the previously rapidly developing market.
According to the analytical company TRM Labs, which deals with blockchain, the total inflow of cryptocurrency into Iran from January to July 2025 reached approximately $3.7 billion, which is 11% less than in the same period of 2024.
The decline was particularly noticeable after April, when in June the inflow of funds fell by more than 50% compared to the same period last year. In July, there was an even sharper drop of more than 76%.
Hacks, war, and wallet freezes
A series of geopolitical and security-related events had a serious impact on the Iranian cryptocurrency market, including stalled negotiations with Israel over the nuclear program, the outbreak of armed conflict in June, the $90 million data leak from Nobitex, and the blacklisting of a key stablecoin address associated with Iran.
According to the TRM report, these shocks collectively changed traders' behavior, prompting capital flight to overseas exchanges and broader use of alternative blockchains and stablecoins.
Despite the instability, Nobitex maintained its central role in the Iranian cryptocurrency ecosystem and processed over 87% of all Iran-related transactions in 2025. Of the more than $3 billion processed through the platform, about $2 billion were conducted through the Tron network with active use of USDT and TRX with TRC-20 code.
Such concentration provided efficiency for users but also increased systemic risk, as demonstrated when the Predatory Sparrow group exploited vulnerabilities in Nobitex's infrastructure amid the Iran-Israel military actions.
Dual priorities
The $90 million hack froze liquidity, slowed transaction processing, and temporarily pushed users to switch to smaller or higher-risk platforms, revealing not only operational shortcomings but also the regime's 'dual priorities': ensuring unauthorized surveillance while maintaining selective privacy for VIP users. TRM Labs tracked on-chain activity to entities and organizations linked to the IRGC that are under sanctions, such as Gaza Now, highlighting the political aspect of the attack.
Geopolitical escalation in June accelerated capital flight from domestic exchanges, evidenced by a sharp increase in capital outflows from Nobitex by more than 150% in the week prior to the conflict, often redirecting it to global exchanges with limited KYC (Know Your Customer) measures or to high-risk platforms without KYC.
The outflow worsened in July when Tether froze 42 Iranian addresses, many of which were linked to Nobitex and IRGC-related organizations. The freeze disrupted long-standing transaction flows, prompting Iranian users to switch to alternative stablecoins such as DAI on the Polygon network.
Local influencers, government channels, and exchanges actively encouraged this migration, demonstrating both the adaptability of participants and the regime's use of digital assets to circumvent sanctions.
Meanwhile, Iran's internal regulatory environment continued to change: in August 2025, the Speculation Taxation Law came into effect, which introduced capital gains tax on cryptocurrency trading. While phased implementation is expected, this measure indicates Tehran's intent to officially regulate digital asset markets, incorporating cryptocurrencies into the regime's tax system alongside gold, real estate, and currency.
Apart from capital markets, cryptocurrencies remain a crucial tool for Iran in procurement and evading sanctions. For example, Chinese resellers supply drone components, AI hardware, and electronic equipment through cryptocurrency transactions, while a complex underground industry bypassing KYC procedures supports these operations by providing fake identification documents for accessing international exchanges.
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