Iran’s $7.78 Billion Crypto Market At Risk as Iranian Exchanges Go Offline ⋆ ZyCrypto

The ongoing geopolitical turmoil in Iran has affected the country’s vast crypto industry, valued at more than $7.78 billion. According to Chainalysis, most crypto exchanges in the country are now offline, with no clear indication of what might have disrupted operations. This has raised concerns about how Iranian crypto investors will access their funds during this conflict. 

Iranian Crypto Exchanges Go Offline

In an X post, Chainalysis noted that Nobitex and Ramzinex, two of Iran’s largest crypto exchanges, are currently offline. However, there was no indication of what could have caused this outage, given that the country is experiencing internet disruptions due to ongoing US strikes.

Crypto has often been a go-to option during political uncertainties due to its global accessibility and portability. Therefore, with exchanges offline, Iranians might not be able to access their funds, as withdrawals tend to increase during periods of uncertainty. 

“Unlike traditional assets that are illiquid and often subject to government control, BTC’s censorship-resistant and self-custodial nature offers financial flexibility, particularly valuable in a situation where individuals may need to flee or operate outside government-controlled financial channels,” the report said.

The outage of Iranian crypto exchanges is not only affecting ordinary citizens but also the Islamic Revolutionary Guard Corps (IRGC). Per Chainalysis, the IRGC has been using digital assets to finance its activities within Iran and through its proxies in the Middle East. 

However, it is not the first time that Iranian exchanges have been affected by geopolitical conflicts. In June 2025, Nobitex, the largest crypto exchange in Iran, suffered a cyberattack during a series of US-Israel strikes. At the time, Bank Sepah was also hacked. 

The Growth of the Iranian Crypto Industry

The growth of the Iranian crypto industry to more than $7.78 billion is largely driven by activities by the IRGC. According to the Chainalysis report, addresses linked to the IRGC account accounted for more than 50% of all crypto transactions recorded in the country in the last quarter of 2025.

In 2024, these addresses held more than $2 billion in crypto assets, rising to over $3 billion in 2025. However, the report noted that the actual figure could be much higher because of potential shell companies and other wallets that have not yet been linked to the IRGC.