March 3, 2026 – Crypto activity in Iran slowed sharply following US and Israeli strikes on the country over the weekend, as authorities imposed widespread internet restrictions and local exchanges shifted to defensive operations.

Despite geopolitical tensions, traders are reportedly treating Bitcoin as a financial lifeline, using it to hedge against domestic uncertainty and potential banking restrictions. Transaction volumes on platforms like Nobitex fell roughly 80% between February 27 and March 1. Inflows and outflows during the strikes were limited, totaling around $3 million, mostly reflecting internal treasury movements rather than capital flight, according to TRM Labs.

Infrastructure and Exchange Impacts

Local exchanges faced blackouts and operational disruptions. Nobitex and Wallex share critical data center infrastructure, which magnified downtime. Wallex cited a power outage at Asiatech, a facility also used by Nobitex. Other exchanges such as Ramzinex, Tabdeal, and Aban Tether implemented partial or batch withdrawals to manage liquidity.

The Central Bank of Iran intervened by temporarily suspending trading in the USDT–toman pair, slowing the conversion of rials into dollar-linked stablecoins and limiting rapid market repricing.

TRM Labs estimates Iran-linked wallets have processed roughly $11 billion in crypto since the start of 2025, highlighting the country’s significant presence in the global on-chain market despite periodic disruptions.