U. S. investigators are looking into whether certain cryptocurrency platforms have helped Iranian officials avoid sanctions as crypto activity grows in Iran. Last year, Iran’s crypto transactions were estimated at $8-10 billion, involving both state-linked groups and regular investors, according to TRM Labs and Chainalysis. The U. S. Treasury is examining if these platforms have allowed these groups to move money, access foreign currency, or purchase goods while evading sanctions. However, specific platforms under investigation have not been disclosed.
There were about $10 billion in crypto activities in Iran last year, with expectations for growth to $11.4 billion in 2024. Iranian crypto wallets received a record $7.8 billion in 2025, showing an increase from previous years. Iran’s mission to the United Nations did not provide any comments regarding the investigations. The International Monetary Fund predicts that while cryptocurrencies currently play a minor role globally, their use could grow in countries with weak currencies, like Iran. Due to its detachment from the dollar-based system and the rapid decline of its rial currency, Iran continues to rely heavily on oil revenues, which reached $53 billion in 2023.
Iran has experienced various crises recently, including conflicts with Israel and strikes on its nuclear sites. The U. S. government has imposed new sanctions targeting individuals involved in financial networks linked to sanctioned institutions in Iran. Many challenges arise in tracking crypto transactions due to their pseudonymous nature, making it difficult to identify the parties involved.
Researchers have varying estimates on the breakdown of crypto activity related to state-connected entities versus individual investors in Iran. Chainalysis claims that 50% of the crypto volume last year was linked to the Islamic Revolutionary Guard Corps (IRGC), while TRM Labs suggests that 95% came from retail investors. TRM Labs has identified over 5,000 IRGC-associated wallet addresses and believes the group has moved about $3 billion in crypto since 2023. Elliptic, a blockchain research firm, reported that the Central Bank of Iran acquired over $507 million worth of the stablecoin USDT in 2025 as part of strategies to navigate around the global banking system.
Tether, which produces USDT, maintains a strict policy against the misuse of its tokens and collaborates with law enforcement to identify and freeze illicit assets. The challenge for U. S. authorities is considerable, with experts noting that once a crypto wallet is flagged, new ones can easily be created, complicating monitoring efforts.
Around 15 million people in Iran are involved in cryptocurrencies, primarily using them as a safeguard against the declining rial. Nobitex, the leading crypto exchange in Iran, reported having about 11 million customers, mostly retail investors. The rise in crypto activity occurred alongside social and political unrest, which included widespread protests.
Some Iranians have been withdrawing funds from local exchanges to international crypto platforms to escape economic uncertainty. Analysis from Nansen shows that significant amounts of crypto have flowed from Nobitex to global exchanges, indicating that crypto served as a way for many to manage financial instability throughout 2025. Nobitex stated that while they cannot track the purpose of transactions, customer caution following security breaches leads many to store assets in independently controlled wallets.
