Iran and cryptocurrency withdrawals
The company believes this represents a “potential capital flight from Iran.” Her preliminary findings indicate that many of these funds were sent to foreign cryptocurrency exchanges.
This allows funds to be moved out of Iran without the need for control by the global banking system
– says Elliptic.
It is worth adding that cryptocurrency outflows from Nobitex dropped sharply after Saturday – reports TRM Labs. However, this was not due to the situation calming down, but to the Iranian regime introducing a strict blockade of the Internet. The company says internet connectivity in Iran has dropped by about 99%.
TRM also disagrees with Elliptic:
The country’s cryptocurrency ecosystem appears to be showing no signs of capital flight, but is instead experiencing a decline in both transactions and volume as the regime enforces strict internet lockdowns.
Nobitex is Iran’s largest cryptocurrency exchange, handling approximately 87% of the country’s cryptocurrency transaction volume. In 2025, approximately USD 7.2 billion was transferred through it by over 11 million users.
Iranians need cryptocurrencies
Iranians need cryptocurrencies not only because of the sanctions imposed on their country. This is primarily about the very weak Iranian banking system. For example, in October one of the largest Iranian banks, Ayandeh Bank, went bankrupt, affecting over 42 million customers. Iran’s central bank has warned that eight other local banks are at risk of bankruptcy.
Cryptocurrencies are showing their strength in Iran – they are independent of the banking system.
