Iran’s crypto exchanges tighten controls and halt key trading pairs as US-Israeli strikes trigger internet blackouts and market stress.
Iran’s crypto market has taken a sharp hit following US-Israeli strikes that began on February 28.
According to TRM Labs, the country’s crypto ecosystem shifted into a defensive posture almost immediately. Major exchanges suspended withdrawals, halted key trading pairs, and warned users of delays.
The market is not showing signs of capital flight. Instead, it is contracting under the weight of severe internet blackouts and liquidity stress.
Iranian Exchanges Enter Full Risk Containment Mode
As conflict escalated, domestic exchanges moved quickly to protect operations.
Wallex suspended all crypto withdrawals, citing infrastructure instability linked to a power outage at the Asiatech data center. Nobitex, Iran’s largest exchange, warned of reduced market depth and possible delays.
Aban Tether halted both crypto and rial withdrawals entirely.
Ramzinex suspended deposits and withdrawals, assuring users that assets remained secured in cold wallets. Tabdeal shifted to twice-daily batch processing, warning of delays of up to 24 hours. Bitpin issued risk guidance urging users to avoid emotional trading decisions.
TRM Labs noted that exchanges stayed operational across the board. However, they all tightened controls and paced their services to manage a rapidly deteriorating situation.
The coordinated response reflected shared infrastructure stress, not isolated failures.
Iran’s Central Bank Halts Key Crypto-Fiat Trading Pair
Under direction from Iran’s Central Bank, several exchanges temporarily halted trading of the USDT-toman pair.
This pair is the primary bridge between crypto and fiat currency in Iran. Nobitex, Wallex, Bitcoin, and Tabdeal all canceled open orders and paused the pair overnight.
TRM Labs reported that the central bank likely targeted this pair because it is dollar-pegged and systemically important.
Pausing it effectively slowed fiat repricing during a period of extreme volatility. Once trading resumed, exchanges reported brief price dislocations and thin order books.
Nobitex cited supply-demand imbalances and reversed some liquidations. Bitpin reported a short pricing anomaly and committed to compensating affected users.
Tabdeal activated internal risk controls to limit cascading liquidations. These developments pointed to impaired liquidity across the market, not a stable recovery.
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Internet Blackouts Drive Sharp Drop in Crypto Activity
Iran’s internet connectivity reportedly fell by roughly 99% following regime-imposed restrictions. TRM Labs noted this is a recurring pattern during times of unrest, citing similar blackouts during the Iran-Israel conflict in summer 2025 and mass protests in January 2025.
Retail users lost access. Automated trading systems disconnected. Market makers lost API connectivity.
On-chain data reviewed by TRM Labs showed three clear trends. Inbound and outbound flows contracted at the same time. Transfer sizes fragmented.
Market depth visibly thinned after trading reopened. TRM analysts attributed a roughly USD 3 million spike in Nobitex activity around February 28 to an internal hot-to-cold wallet transfer, not capital flight.
TRM Labs cautioned against drawing premature conclusions. Iran’s crypto economy processed over USD 11 billion in volume since the start of 2025. The current picture, according to TRM, is a market adjusting to severe functional limits.
Whether activity normalizes will depend on how internet access is restored and how the broader conflict develops.
