The analytical company Elliptic has recorded an unprecedented increase in cryptocurrency withdrawals from Iran’s largest exchange, Nobitex. According to experts, on February 28, 2026, amid a joint attack by the United States and Israel, outflows from the platform reached nearly $3 million, which is seven times higher than the average daily figures.
This is reported by Business • Media
Scale of Capital Movement through Nobitex
As noted by Elliptic’s CEO Tom Robinson, such a rapid increase in asset withdrawals may indicate attempts by Iranians to transfer their funds abroad. Part of the withdrawn amounts is directed to foreign cryptocurrency exchanges, which have previously recorded increased capital inflows from Iran.
“Elliptic’s CEO Tom Robinson stated that the sharp rise in outflows may indicate attempts to move capital outside of Iran. Preliminary data suggests that some of the funds are being directed to foreign exchanges that have previously recorded inflows from the country.”
The Nobitex platform plays a key role in Iran’s cryptocurrency ecosystem, allowing citizens to convert rials into digital assets and withdraw them to non-custodial wallets. According to Robinson, this infrastructure enables bypassing the traditional banking system, which is particularly relevant for the country under international sanctions.
Sanctions and Geopolitical Pressure on Iran’s Crypto Market
Iran actively uses digital assets to circumvent international sanctions. It was previously reported that the country’s central bank purchased over $500 million in USDT stablecoins to support the national currency. New US sanctions implemented in January 2026 have already triggered separate spikes in capital outflows, and such activity intensified following internet access restrictions during protests. Chainalysis also confirms an increase in crypto operations during these periods.
In February 2026, the US Office of Foreign Assets Control (OFAC) added two British exchanges—Zedcex and Zedxion—to the sanctions list due to suspicions of collaboration with the Islamic Revolutionary Guard Corps. Additionally, Senator Richard Blumenthal initiated an investigation into the Binance exchange over suspicions of facilitating sanctions evasion against Iran.
According to Chainalysis estimates, Nobitex remains the market leader: the total volume of funds received by the exchange reaches $11 billion. In comparison, the combined figure for the next ten largest Iranian exchanges is $7.5 billion. In 2025 alone, Elliptic estimates that transactions worth approximately $7.2 billion were conducted through Nobitex with the participation of 11 million users.
Despite geopolitical escalation and sanctions pressure, analysts note that key on-chain metrics and the derivatives market currently do not indicate systemic stress in the global crypto market. Previously, experts have emphasized the relative resilience of the crypto sector to such external shocks.
