The United States is intensifying its examination of cryptocurrency activity connected to Iran, amid concerns that digital asset platforms may have helped the country bypass international sanctions. The investigation comes as crypto use in Iran has surged over the past year, drawing renewed attention from regulators.
Officials have not named specific exchanges but are focused on whether cryptocurrencies were used to move money offshore, access foreign funds, or pay for goods without going through traditional banks. Blockchain analytics firms and researchers report a significant rise in crypto transactions tied to Iran, prompting scrutiny from US authorities.
Crypto Activity Surges in Iran
Estimates from blockchain firms show that cryptocurrency activity connected to Iran reached between $8 billion and $10 billion over the past year. TRM Labs estimates about $10 billion in activity for 2025, compared with $11.4 billion in 2024. Chainalysis reported wallets linked to Iran received $7.8 billion in 2025, up from $7.4 billion the previous year and $3.17 billion in 2023.
This growth comes despite Iran’s limited access to the global financial system. Inside the country, digital asset adoption has spread widely among the public. Nobitex, Iran’s largest crypto exchange, says around 15 million Iranians now have some exposure to digital assets. The exchange has 11 million users, mostly small retail investors, who often use crypto to store value amid the continued decline of the rial.
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Some users move funds abroad gradually rather than all at once. Analytics from Nansen suggest that balances of major cryptocurrencies on Nobitex fell steadily through 2025. Users frequently transfer assets to self-custodied wallets, holding funds securely before deciding whether to redeposit them or move them to foreign platforms.
Nobitex acknowledges that some customers may use crypto to transfer funds internationally but says it does not track the final destination or purpose of these transactions. The exchange maintains monitoring systems to detect suspicious activity and protect users. Security concerns, including a hacking incident in June, may also have influenced withdrawals.
US Authorities Investigate Possible Sanctions Violations
US regulators are concerned that some crypto platforms could have helped sanctioned Iranian entities avoid restrictions. The Treasury Department has warned about “shadow banking” networks, including those that allegedly use cryptocurrencies to bypass sanctions.
According to Ari Redbord of TRM Labs, the US Treasury is actively reviewing whether digital asset services facilitated sanctions evasion. While no exchanges have been publicly accused, authorities are investigating whether platforms failed to prevent sanctioned users from accessing services. Digital asset services operating globally are expected to monitor transactions and block restricted users, and lapses could lead to serious consequences.
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A Treasury spokesperson declined to comment on the ongoing investigation but pointed to prior announcements targeting shadow networks that support Iran through crypto.
Blockchain Data Reveals Gradual Outflow of Funds
Blockchain analytics show that crypto in Iran often serves as a gradual exit channel rather than a one-time capital flight. Funds leave local exchanges step by step rather than disappearing from the ecosystem entirely. Users increasingly rely on self-custodied wallets to secure their holdings before moving them abroad.
Nansen analysts note that this pattern reflects steady, cautious transfers rather than panic withdrawals. Nobitex says monitoring systems track suspicious activity but do not follow the final destination of transferred funds. Some movements may also be influenced by security concerns after a hacking incident, prompting users to temporarily secure assets off-exchange.
Overall, the data highlights how deeply cryptocurrency is integrated into Iran’s financial system. While most users are retail investors, the scale and patterns of activity have raised alarms for US authorities, prompting ongoing investigations into possible sanctions violations.