GEOPOLITICS | Iran’s Largest Crypto Exchange Has Processed Over $100 Million During the Wartime Period

Nobitex, the biggest crypto exchange in Iran, has continued to operate throughout the conflict involving the United States and Israel maintaining services even during a nationwide internet blackout, according to analysts cited by Reuters.

The exchange, which reportedly serves more than 11 million users, processed over $100 million in transactions during the wartime period, with a notable portion of funds flowing outside the country, analysts said.

At the same time, investigators told Reuters that some transactions on the platform have been linked to sanctioned entities, though estimates differ significantly.

• Blockchain analytics firm, Elliptic, identified approximately $366 million in potentially suspect flows, while
• Chainalysis estimated around $68 million.
• Crystal Intelligence placed the figure lower, at roughly $22 million in direct transfers from sanctioned wallets.

Separate findings reviewed by Reuters indicate that wallets associated with Iran’s central bank transferred hundreds of millions of dollars in cryptocurrency to Nobitex in 2025, part of what analysts describe as broader efforts to bypass financial restrictions.

A separate dispute involving Iranian businessman Babak Zanjani, who was previously convicted of fraud, also exposed wallet addresses that analysts say revealed at least $20 million in state-linked funds being routed through the platform.

Nobitex has denied any affiliation with the government, stating that illicit transactions account for only a small share of its overall activity.

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