Crypto Outflows Spike 700% on Iran's Largest Exchange After US-Israeli Strikes
Outflows from Nobitex, Iran's largest cryptocurrency exchange with 11 million users and $7.2 billion in 2025 transaction volume, surged 700% approaching $3 million in the hours following Saturday's US-Israeli airstrikes, according to blockchain analytics firm Elliptic.
Blockchain analytics firm Elliptic reported Monday that outflows from Nobitex, Iran's largest cryptocurrency exchange, spiked 700% in the immediate aftermath of Saturday's joint US-Israeli airstrike operation, approaching $3 million in a concentrated window of withdrawals that the firm characterized as a possible capital exodus. The surge, detected through Elliptic's on-chain monitoring tools, pointed to Iranian users moving digital assets from the exchange to non-custodial wallets and then toward international platforms, using crypto infrastructure to circumvent the financial isolation imposed by decades of international sanctions [1].
Scale of the Outflow Event
Tom Robinson, CEO of Elliptic, issued a public report on Monday describing the transaction pattern.
"The increase in cryptoasset outflows last Saturday could signify a capital exodus from Iran. Early investigations into the recent outflows from Nobitex indicate that the assets are being redirected to international exchanges that have historically experienced substantial inflows from Iran," Robinson said [1].
Nobitex enables its users to trade Iranian rials for digital currencies, which can then be transferred to self-custody wallets and eventually to offshore exchanges. This mechanism, Robinson explained, permits the movement of funds out of Iran while bypassing significant portions of the scrutiny associated with the global banking system, a route that becomes increasingly attractive during periods of acute political instability [1].
Metric — Value
Nobitex Outflow Spike (post-strikes) — 700% increase
Approximate Outflow Value — Approaching $3 million
Nobitex Registered Users — 11 million
Nobitex 2025 Transaction Volume — $7.2 billion
Nobitex Total Historic Inflows — $11 billion
Iran Central Bank USDT Acquisition (Jan 2026) — ~$507 million
Nobitex's Dominant Position in Iranian Crypto
The exchange occupies a commanding position in the Iranian digital asset landscape. According to Chainalysis data, Nobitex's $11 billion in total historic inflows dwarfs the combined $7.5 billion of the next ten largest Iranian exchanges. The platform's estimated 11 million users represent a significant fraction of Iran's adult population engaging with cryptocurrency, a trend that accelerated as the rial's purchasing power deteriorated under the weight of compounding inflation and sanctions pressure [1].
In January 2026, Elliptic had documented that Iran's Central Bank acquired approximately $507 million in USDT to help stabilize the declining rial. That same month, the US Treasury's Office of Foreign Assets Control (OFAC) enacted additional sanctions against Iranian officials, which Elliptic observed produced two separate surges in outflows from Nobitex, suggesting the exchange's user base had become highly sensitized to political triggers as early as January.
An internet blackout imposed by the Iranian government on January 9 during widespread political demonstrations produced a further spike in crypto activity, corroborated by separate monitoring from Chainalysis. The recurrence of these patterns in March, now amplified by the military escalation, underscored how crypto rails had become a primary financial survival mechanism for Iranians seeking to protect savings from political and economic shocks.
Sanctions Enforcement and UK Exchange Designations
The broader enforcement context had intensified in the weeks before the strikes. In February, OFAC sanctioned two cryptocurrency exchanges based in the United Kingdom, Zedex and Edxion, for facilitating transactions linked to Iran's Islamic Revolutionary Guard Corps (IRGC). The designations marked the first time US sanctions had specifically targeted UK-based crypto exchanges as part of an Iran-focused enforcement action, expanding the reach of the sanctions regime beyond the US financial system [1].
US Senator Richard Blumenthal had also initiated a formal investigation into Binance regarding its suspected facilitation of sanctions evasion related to Iran, following the UN's reimposition of sanctions in 2025 over the country's nuclear program. The investigation added regulatory pressure on the world's largest crypto exchange at the same moment that geopolitical events were driving fresh transaction flows from Iranian users.
Enforcement Action — Date — Details
OFAC sanctions on Zedex and Edxion (UK) — February 2026 — First UK exchanges sanctioned for IRGC links
Iran Central Bank USDT purchase — January 2026 — ~$507 million acquired
OFAC Jan sanctions on Iranian officials — January 2026 — Triggered two outflow spikes on Nobitex
Iran internet blackout — January 9, 2026 — Coincided with crypto activity surge
Blumenthal investigation into Binance — Ongoing — Iran sanctions evasion allegations
Market Stability Despite Regional Shock
Despite the dramatic nature of the Nobitex outflows and the broader geopolitical upheaval, on-chain and derivatives market indicators showed minimal systemic strain in global crypto markets on Monday. The localized nature of the Nobitex event, concentrated in a sanctioned economy with limited access to international liquidity, meant that the capital flight had negligible direct impact on global exchange order books or price discovery mechanisms.
In 2025, Nobitex was also the target of a significant hack, with a pro-Israel group claiming responsibility for the breach. The compounding of a successful cyberattack, January's sanctions-driven outflow events, and now the post-airstrike capital flight created a picture of an exchange operating under extraordinary duress while remaining the financial lifeline for millions of Iranians with no viable alternative means of protecting savings denominated in a rapidly depreciating currency.
References
[1] The Block, "Crypto outflows spike 700% on largest Iranian exchange following US-Israeli attack on Saturday: Elliptic" (March 2, 2026): https://www.theblock.co/post/391781/crypto-outflows-700-largest-iranian-exchange-us-israeli-attack-elliptic