Cryptocurrency trading volume in Iran decreased by nearly 80% from February 27 to March 1 following U.S. and Israeli airstrikes. According to blockchain analytics firm TRM Labs, the main reason for the decline was nationwide internet restrictions implemented after the attacks began on February 28, rather than a breakdown of crypto infrastructure. Despite disruptions, Iran’s core crypto market systems remain operational.
Major domestic exchanges continue to operate under risk management protocols, temporarily suspending withdrawals, batch processing transactions, and reducing market depth. Iran’s central bank also ordered some exchanges, including Nobitex, Wallex, and Tabdeal, to halt USDT-to-toman trading. When trading resumed, thin order books and short-term price volatility indicated liquidity stress. TRM suggests that unusual capital flows may be due to restricted access rather than capital flight.
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