TechFlow news: According to a report by Elliptic on March 2, following the U.S.-Israeli joint airstrikes, Nobitex—the largest cryptocurrency exchange in Iran—saw a 700% surge in cryptocurrency outflows. The exchange serves over 11 million users and processed $7.2 billion in cryptocurrency transactions in 2025. Analysis suggests this capital outflow may represent capital flight circumventing the traditional banking system.
Since the beginning of this year, Nobitex has experienced multiple spikes in outflows, the most notable occurring on January 9—immediately after nationwide protests in Iran and the government’s subsequent internet shutdown. Additionally, two distinct waves of outflows followed U.S. announcements of sanctions against Iran, indicating that cryptocurrencies may be used to evade these sanctions.
