Residents of Iran are increasingly withdrawing bitcoins from cryptocurrency exchanges to their personal wallets in response to widespread protests, a deepening economic crisis, and a sharp decline in the rial. This trend reflects citizens’ desire to protect their finances amid political instability and increased pressure from the state.
This is reported by Business • Media
Growth of Crypto Activity and the Impact of Political Events
Experts note that since 2018, the Iranian rial has lost nearly 90% of its value, while inflation remains at 40–50%. In 2025, the volume of Iran’s cryptocurrency ecosystem exceeded $7.78 billion, indicating significant growth compared to previous years.
Activity in the cryptocurrency market is clearly linked to both internal and external events, including the terrorist attack in Kerman in January 2024, missile strikes from Iran on Israel in October 2024, and a 12-day military conflict in June 2025. During the latter, large-scale cyberattacks were recorded on the leading Iranian cryptocurrency exchange Nobitex and Bank Sepah, which has historically been used by the Islamic Revolutionary Guard Corps (IRGC).
According to the analysis, Iranians are increasingly viewing bitcoin not only as a tool to circumvent sanctions but also as a way to secure their funds from state control.
Mass Transition to Personal Wallets During Protests
A particularly sharp increase in bitcoin transactions was observed during the recent mass protests. A comparison of the period from November 1 to December 27, 2025, with the interval from December 28, 2025, to January 8, 2026, when the internet was almost completely shut down in the country, showed a significant increase in the number and volume of transactions to personal wallets.
“Analysts indicate that this reflects the desire of Iranians to gain direct control over their assets amid currency collapse and political instability.”
Against this backdrop, Iran’s crypto market is increasingly influenced by the IRGC. In the fourth quarter of 2025, addresses associated with this organization accounted for about half of all crypto activity in the country. According to analysts, over $2 billion was transferred to such addresses in 2024, and in 2025, this amount exceeded $3 billion.
At the same time, experts emphasize that this data represents a minimum estimate, as it only accounts for identified wallets that fall under the sanctions of the U.S. Office of Foreign Assets Control and the Israeli National Bureau for Counter-Terrorism Financing.
A separate investigation revealed that the IRGC actively uses the infrastructure of foreign cryptocurrency exchanges. Since 2023, this organization has conducted transactions exceeding $1 billion through two exchanges in the United Kingdom — Zedcex and Zedxion. Experts found that 56% of transactions on these platforms were related to the Iranian military formation, and most transfers were made in the USDT stablecoin on the TRON network.