The volume of cryptocurrency withdrawals from Iran’s largest exchange, Nobitex, sharply increased by 700% on the day of the joint attack by the U.S. and Israel, reaching nearly $3 million on February 28, 2026.
This is reported by Finway
Sharp Increase in Withdrawals from Nobitex
The analytical company Elliptic recorded a significant rise in the outflow of digital assets from Iran’s key cryptocurrency exchange. Preliminary estimates indicate that on February 29, the volume of withdrawn funds amounted to about $3 million, which is seven times higher than the average daily figures from previous weeks.
“The sharp increase in outflows may indicate attempts to move capital outside of Iran. Some of the funds are being directed to foreign exchanges that have previously recorded an influx of Iranian capital,” said Elliptic’s CEO Tom Robinson.
Nobitex is a key platform for Iran’s crypto industry, as it allows users to convert rials into digital assets and withdraw them to non-custodial wallets. According to Tom Robinson, this infrastructure enables the movement of funds outside the global banking system.
Impact of Sanctions and the Growing Role of Crypto Assets
Iran is actively using digital assets as a tool to circumvent international sanctions. It was previously reported that the country’s central bank purchased about $507 million in USDT stablecoins to support the national currency.
Additional U.S. sanctions imposed in January 2026 triggered specific spikes in cryptocurrency outflows from the country. Similar surges in activity were observed during protests when internet access was restricted. Chainalysis also confirmed this trend in the cryptocurrency market during these periods.
In February 2026, the U.S. Office of Foreign Assets Control (OFAC) added two British cryptocurrency exchanges — Zedcex and Zedxion — to the sanctions list due to their cooperation with the Islamic Revolutionary Guard Corps. Additionally, U.S. Senator Richard Blumenthal initiated an investigation into the Binance exchange over suspicions of facilitating sanctions evasion regarding Iran.
According to Chainalysis, Nobitex remains Iran’s leading cryptocurrency exchange, with transactions exceeding $7.2 billion since 2025. The total inflow of funds to the platform exceeds $11 billion, significantly surpassing the figures of the next ten Iranian exchanges combined.
Despite geopolitical tensions, analysts note that the global cryptocurrency market and the derivatives market do not show signs of systemic stress. The sector maintains overall resilience to external shocks of this magnitude.