Weekend strikes on Iran crushed local crypto trading volumes by 80% as authorities slammed internet restrictions across the country. Iranian exchanges like Nobitex went into damage control mode while traders scrambled for access.
The attacks triggered massive connectivity drops – internet access plunged 99% due to severe government restrictions that pretty much mirrored what happened during earlier Iran-Israel conflicts and domestic protests. Local exchanges got hit hard because they share infrastructure, making things worse. Wallex reported outages tied to power problems at the Asiatech data center, which Nobitex also uses, showing how vulnerable Iran’s crypto setup really is. Between February 27 and March 1, trading volumes crashed about 80% as risk appetite vanished and traders couldn’t access platforms in real-time.
Not really a surprise.
Nobitex operations came under scrutiny when reports surfaced about an extra $3 million in transactions on February 28, but sources said these were internal treasury moves rather than mass withdrawals. The exchange kept deposits and withdrawals running “to the extent possible” but warned users about potential delays. Ramzinex paused crypto transactions entirely, telling clients their assets sat safely in cold wallets, while Tabdeal switched to twice-daily batch withdrawals with delays up to 24 hours. Wallex suspended crypto withdrawals indefinitely, blaming infrastructure issues, and Aban Tether halted both crypto and rial withdrawals completely.
Iran’s Central Bank made a critical move by ordering exchanges including Nobitex, Wallex, Bitpin, and Tabdeal to temporarily suspend trading in the USDT-toman pair. That pair serves as the main bridge between dollar-pegged stablecoins and the rial. The suspension probably aimed to slow the rial’s rapid decline and limit people’s ability to convert savings into dollar exposure through stablecoins.
TRM Labs thinks Iranian-linked wallets have processed around $11 billion in crypto since 2025. That puts Iran among the bigger national markets by on-chain volume.
On March 2, Nobitex issued a statement urging users to exercise caution when trading due to the volatile environment. The exchange said it’s trying to maintain operations, but external factors could affect transaction speeds and availability. Traders faced delays and reduced liquidity across the board. This follows earlier reporting on Boston Prosecutors Target 7,829 Crypto.
Amid internet restrictions, Iranian citizens increasingly turned to peer-to-peer networks to continue trading crypto assets. These decentralized platforms offer alternative routes for those seeking to bypass exchange outages. Local traders are reportedly using VPNs and other tools to maintain access, showing the resilience of Iran’s crypto community despite government crackdowns. The Iranian government hasn’t commented officially on the strikes’ impact on the crypto market, but the Central Bank’s actions to curb USDT trading suggest a strategic effort to stabilize the rial.
As the situation evolves, Iran’s crypto market remains in flux. Geopolitical tensions and domestic policy measures continue challenging local exchanges’ resilience. With internet access still heavily restricted, the industry faces ongoing uncertainty.
On March 3, 2026, the Iranian Parliament convened a special session to discuss the economic implications of the ongoing conflict and its impact on cryptocurrency markets. Lawmakers expressed concern over the sharp decline in trading volumes and potential long-term effects on Iran’s financial stability. Some members called for urgent measures to bolster the national economy, while others highlighted the need for greater regulatory oversight of crypto activities. Local exchange Bitpin reported that its customer service channels have been flooded with inquiries about transaction delays and withdrawal issues.
On March 1, Bitpin’s CEO Mohammad Reza Ghaffari assured users the exchange is actively working to resolve these challenges and urged patience as the situation evolves. Ghaffari said all client funds remain secure despite operational disruptions. And the Central Bank of Iran has reportedly explored alternative methods to stabilize the rial, including potential collaborations with foreign financial institutions. On March 2, a bank spokesperson noted discussions are ongoing but declined to provide specific details. The spokesperson emphasized the bank’s commitment to ensuring economic stability amid current geopolitical tensions. For more details, see Crypto Traders Buzz About World War.
In a related development, several Iranian tech companies have begun advocating for increased investment in domestic internet infrastructure to prevent future disruptions. On March 3, Ali Nazari, CEO of Tehran-based ISP Shatel, called on the government to prioritize network resilience and reduce reliance on shared facilities. Nazari argued such investments are crucial for maintaining economic activity during crises and supporting the country’s burgeoning digital economy.
So far, no clear timeline for when normal trading might resume.
The crypto market disruption extends beyond Iran’s borders, with regional exchanges in Turkey and the UAE reporting unusual spikes in Iranian user registrations during the blackout period. Binance data shows a 340% increase in VPN-routed traffic from Iranian IP addresses between February 28 and March 2, suggesting traders sought offshore alternatives.
Iran’s crypto mining sector, which generates an estimated $1 billion annually in revenue, also faced severe disruptions as power grid instabilities affected major facilities in Tehran and Isfahan provinces. Mining pool operator Poolino reported hash rate drops of up to 60% during peak restriction hours, compounding the economic impact beyond just trading activities.
Sydney has 20+ years commercial experience and has spent the last 10 years working in the online marketing arena and was the CMO for a large FX brokerage.
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