Local cryptocurrency trading in Iran experienced a staggering 80% decline over the weekend due to strikes that severely impacted infrastructure and triggered extensive internet restrictions. Iranian exchanges, including Nobitex, scrambled to manage the fallout as their platforms faced significant connectivity issues.
The government-imposed restrictions led to a near-total internet blackout, reminiscent of previous conflicts and domestic protests. As a result, many local exchanges found themselves struggling, particularly since they share critical infrastructure. For instance, Wallex reported outages tied to power problems at the Asiatech data center, further exposing the vulnerabilities within Iran”s crypto ecosystem.
Between February 27 and March 1, the trading volumes saw a sharp decline as traders lost access to platforms in real-time, leading to a significant reduction in risk appetite. Reports also indicated that Nobitex came under scrutiny after an additional $3 million in transactions were noted on February 28. However, sources clarified that these transactions were internal treasury movements rather than mass withdrawals.
Although Nobitex attempted to keep deposits and withdrawals operational, it warned users of potential delays. Other exchanges like Ramzinex halted crypto transactions altogether, assuring clients their assets remained secure in cold wallets. Tabdeal switched to twice-daily batch withdrawals, while Wallex suspended crypto withdrawals indefinitely, citing infrastructure issues. Aban Tether completely ceased both crypto and rial withdrawals.
In a strategic maneuver, Iran”s Central Bank ordered local exchanges—including Nobitex, Wallex, Bitpin, and Tabdeal—to temporarily halt trading in the USDT-toman pair. This measure aimed to mitigate the rial”s rapid depreciation and restrict citizens” ability to convert their savings into dollar-pegged stablecoins.
Despite the turmoil, TRM Labs estimated that Iranian-linked wallets have processed around $11 billion in cryptocurrency transactions since 2025, positioning Iran as a significant player in terms of on-chain volume. On March 2, Nobitex advised its users to proceed cautiously in trading due to the ongoing volatility and potential external factors impacting transaction speeds.
With internet restrictions still in place, many Iranian citizens are turning to peer-to-peer networks as alternative trading avenues. These decentralized platforms provide critical access for those affected by the outages. Local traders have reportedly been utilizing VPNs and other tools to maintain their trading capabilities, demonstrating the resilience of the Iranian crypto community amidst government crackdowns.
The Iranian government has yet to issue an official statement regarding the strikes” impact on the crypto market. However, the actions taken by the Central Bank to restrict USDT trading indicate a strategic effort to stabilize the national currency.
As the situation continues to evolve, Iran”s cryptocurrency market remains in a state of flux, facing challenges from geopolitical tensions and domestic policy measures. On March 3, 2026, the Iranian Parliament convened to discuss the ongoing conflict”s economic ramifications and its effects on cryptocurrency markets. Lawmakers expressed concerns about the drastic decline in trading volumes and its potential long-term implications for Iran”s financial stability.
Customer service channels at Bitpin have seen an influx of inquiries regarding transaction delays and withdrawal issues. On March 1, the exchange”s CEO, Mohammad Reza Ghaffari, reassured users that their funds are secure and that the exchange is actively working to address these operational challenges.
The Central Bank of Iran is reportedly exploring alternative strategies to stabilize the rial, potentially collaborating with foreign financial institutions. On March 2, a bank spokesperson indicated that discussions are ongoing but did not provide specific details, emphasizing the commitment to economic stability amid the current geopolitical climate.
In a related development, several Iranian tech companies have begun advocating for increased investment in domestic internet infrastructure to mitigate future disruptions. On March 3, Ali Nazari, CEO of Tehran-based ISP Shatel, urged the government to prioritize network resilience and reduce dependency on shared facilities. Nazari stressed the importance of such investments for sustaining economic activity during crises and supporting the country”s growing digital economy.
As normal trading conditions remain uncertain, the crypto market disruption extends beyond Iran, with regional exchanges in Turkey and the UAE reporting unusual spikes in Iranian user registrations during the blackout. Data from Binance indicated a 340% increase in VPN-routed traffic from Iranian IP addresses between February 28 and March 2, highlighting traders” attempts to access offshore alternatives.
Moreover, Iran”s crypto mining sector, generating an estimated $1 billion annually, has also suffered significant disruptions due to power grid instabilities affecting major mining 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.
