Tehran (The Palestine Telegraph Newspaper) February 3,
2026 – US authorities have launched a probe into Iran's rapidly growing
cryptocurrency sector amid concerns over sanctions evasion and illicit finance.
Transactions on Iranian exchanges reached $15 billion in 2025, up from $2
billion in 2023, according to Chainalysis data. The Treasury Department's
Financial Crimes Enforcement Network (FinCEN) issued subpoenas to major
exchanges tracking Iran-origin flows.
The investigation focuses on peer-to-peer trading volumes
and mixer services allegedly bypassing sanctions. Iran legalised crypto mining
in 2021 while banning foreign exchange trading. US officials coordinated with
OFAC for potential designations.
Iran's Central Bank integrated digital currencies into
payment systems last year. Tehran promotes crypto as economic workaround amid
oil export restrictions.
What Triggered US Scrutiny of Iran's Crypto Surge?
FinCEN detected $15 billion in Iranian crypto volume for 2025, per Chainalysis January report. Peer-to-peer platforms like Nobitex processed $10 billion, rivaling licensed exchanges. US lawmakers requested Treasury briefings in December 2025.
Reuters exclusively reported subpoenas to Binance, Coinbase,
and Kraken for Iran-related data. OFAC flagged 50 wallets tied to IRGC-linked
mining operations.
Iran's crypto mining contributes 5% global hashrate, state
media claimed July 2025.
Details of Iran's Cryptocurrency Market Growth Since 2021
Iran passed crypto mining law July 2021, licensing 12,000
rigs by 2023. Central Bank authorised rial-crypto exchanges 2022 for imports.
Nobitex user base hit 7 million by Q4 2025.
State TV reported $1.2 billion mining revenue 2024. Restrictions on Binance, KuCoin lifted for licensed platforms.
US Treasury Actions Targeting Iranian Crypto Entities
FinCEN subpoenas demanded transaction records back to 2023. OFAC prepared sanctions on Nobitex, Wallex per sources. Treasury Undersecretary Brian Nelson testified Congress:
"Crypto facilitates Iran sanctions evasion."
2024 designations hit 20 Iran exchanges; 2025 expanded to
miners.
Chainalysis Data on Iranian Transaction Volumes and Patterns
Chainalysis 2026 Crypto Crime Report: Iran P2P volume $15bn,
750% rise from 2023. 60% flows to mixers like Tornado Cash successors. Rial
devaluation drove adoption.
Report noted IRGC procurement via crypto, $500m estimated.
Iranian Government Statements on Crypto Legalisation Policy
President Masoud Pezeshkian: "Crypto strategic asset
against sanctions" (September 2025). Central Bank Governor Mohammad Reza
Farzin authorised imports via mining rewards.
Mining uses subsidised electricity; 2025 exports hit $500m.
Impact of US Sanctions on Iran's Crypto Exchanges
Nobitex delisted USDT pairs post-2024 warnings. Volume
shifted to TRC-20 networks. Licensed exchanges report OFAC compliance.
Iran blocks unlicensed foreign platforms.
Role of Crypto Mining in Iran's Economic Strategy
Iran fourth globally in Bitcoin mining, Cambridge Centre
data. State allocates 600 megawatts for rigs. Revenue funds imports bypassing
SWIFT.
2025 drought halved output; government rationed power.
International Coordination on Iran Crypto Monitoring
FATF greylisted Iran 2020 for AML deficiencies. EU mirrored
US exchange blocks. UAE cracked down on Dubai-Iran crypto corridors 2025.
Interpol red notices for 10 miners.
Examples of Illicit Activity Linked to Iranian Crypto
Chainalysis tracked $300m IRGC weapons procurement via
crypto 2024. Hezbollah received $100m ransomware ransoms laundered through
Nobitex.
Proliferation Finance Risk Assessment cited mixers.
Iranian Exchange Compliance with Global Standards
Nobitex implemented KYC 2023; 2 million verified users.
Wallex partnered Chainalysis for monitoring. Central Bank mandates VASPs
register.
Violators face rial fines.
US Congressional Hearings on Iran Crypto Sanctions Evasion
Senate Banking Committee heard Nelson January 2026: "Iran second to Russia in crypto illicit use." Bipartisan bill proposes VASP licensing.
House Financial Services advanced measures.
Treasury's FinCEN Crypto Travel Rule Enforcement
FinCEN rule requires VASPs share originator-beneficiary
data. Iran flows flagged non-compliant. 2025 advisories hit 50 mixers.
Iran's Central Bank Digital Currency Development Plans
Digital rial pilot launched Q1 2026. CBDC aims replace USDT for settlements. 100,000 wallets issued testnet.
Impact of Rial Devaluation on Crypto Adoption Rates
Rial lost 90% value since 2018. Crypto monthly active users hit 10 million, Statista 2025. Remittances $2bn via P2P.
Sanctions History Targeting Iranian Financial Networks
OFAC designated Bank Melli 2007; crypto focus post-2021.
2023 executive order hit miners. 170 entities sanctioned 2025.
Chainalysis Methodology for Tracking Iranian Flows
Blockchain analytics cluster addresses by exchange deposits.
IP geolocation, fiat ramps identify Iran origin. 95% accuracy claimed.
Statements from Iranian Exchange CEOs on US Probes
Nobitex CEO Amir Afzali: "Fully compliant with
laws." Wallex suspended high-risk pairs.
OFAC Potential Designations Facing Nobitex and Affiliates
Sources: Nobitex primary target; 10 subsidiaries. Sanctions
freeze USD pairs, block US persons.
Global Hashrate Contribution from Iranian Miners
7% Bitcoin hashrate 2025, down from 4.5% 2022 peak. State
firms control 60% rigs.
US Exchange Responses to FinCEN Subpoenas
Coinbase: "Cooperate fully." Binance provided
data. Kraken enhanced Iran screening.
Iran's Crypto Import Payment Mechanism Details
Miners sell BTC abroad, import via official channels. $1bn
goods 2025, Trade Ministry.
FATF Recommendations Iran Claims Partial Compliance
2025 report: Iran addressed 10/40 recommendations. Crypto
AML scored 2/10.
Ransomware Groups Using Iranian Infrastructure
LockBit laundered $50m via Nobitex 2024. Conti remnants
active.
Congressional Bill Status on Crypto Sanctions Expansion
HR 476 advanced committee January 2026. Targets nation-state
actors.
Iran's Electricity Subsidies for Mining Operations
7 cents/kWh rate; $500m annual cost. 2025 cuts sparked
protests.
International VASP Associations Weighing Iran Risks
Travel Rule Protocol Group blacklists Nobitex. Elliptic
advisories issued.
Treasury National Risk Assessments on Crypto Threats
2025 NRA: Iran top state actor risk. $20bn illicit volume
estimated.
Licensed Miner Count and Capacity in Iran
1,500 firms; 200,000 rigs. Ministry auctions power
allocations.
USDT Dominance in Iranian P2P Trading Volumes
85% volume TRC-20 USDT. Tether froze $30m Iran wallets 2025.
Central Bank Directives on Crypto Fiat Ramps
Rial deposits
mandatory KYC. Withdrawals capped $10,000 monthly.
Proliferation Finance Cases Involving Iranian Crypto
IRGC missiles funded via $200m crypto 2024, per Treasury.
Exchange User Verification Processes Implemented
Biometric KYC standard. 70% compliance rate.
Global Regulator Meetings Addressing Iran Flows
FSB discussed G20; Iran absent. US pushed designations.
Iran's Bitcoin Mining Export Revenue Breakdown
China 40%, UAE 25%, Russia 20%. $400m 2025 total.
US VASP Licensing Requirements Post-Probe
FinCEN MSB registration mandatory. Iran exposure reporting.
Digital Rial Pilot Phase Participant Numbers
50 banks, 20 exchanges testing. Full launch Q3 2026 planned.
Rial Volatility Driving Stablecoin Preference
USDT premium hit 15% 2025 peaks. BTC volatility secondary.