Iran’s Crypto Exchanges Witness Major Growth Amidst International Sanctions

Iran’s domestic cryptocurrency market has reached a major milestone, with approximately 15-19 million citizens actively participating in crypto trading.

This growth comes despite mounting international sanctions and regulatory pressures, particularly from the United States.

The landscape of Iranian crypto exchanges has expanded to include 90 platforms, with 10 major centralized exchanges leading the market through dedicated websites and mobile applications.

Nobitex is leading as the dominant player, serving 6 million active users and establishing itself as the country’s largest cryptocurrency exchange.

Top Iranian exchanges face regulatory scrutiny

Recent data from Wu Blockchain reveals the scale of Iran’s major cryptocurrency exchanges:

1. Nobitex: Established in 2017, employs 314 staff and serves 5.7 million users. The platform processed 68 million trades in the past year.
2. Excoino: Founded in 2017, maintains 115 employees and reports 3 million users, with 140 million recorded cryptocurrency trades.
3. Wallex: Launched in 2021, operates with 200 employees and serves 1 million users. The exchange faces increased scrutiny after Chainalysis identified connections to U.S.-sanctioned individuals.
4. Bit Pin: Operating since 2020, employs 210 staff and claims 2.5 million users. The platform’s connection to Patco Company, involved in sanctions evasion, has raised concerns.

These exchanges have gained prominence as international platforms remain inaccessible to Iranian users due to U.S. sanctions. However, this growth has attracted increased regulatory attention.

In May 2024, U.S. senators expressed concerns about Nobitex’s potential role in sanctions evasion and money laundering activities.

Users of Iranian exchanges face additional risks, including potential asset freezes when transferring funds to international platforms. Recent reports indicate that blockchain analysis firms like Arkham and TRM Labs have identified and tagged numerous wallet addresses associated with Iranian exchanges.