Iran Expands Use of Bitcoin and USDT to Evade U.S. Sanctions, FT Reports
According to a Financial Times report published on Wednesday, Iran is increasingly turning to cryptocurrencies, particularly Bitcoin and Tether's USDT, for international transactions as U.S. sanctions become stricter. The Central Bank of Iran has eased restrictions, promoting the repatriation of profits through local crypto exchanges. In June, U.S. authorities imposed sanctions on four exchanges—Nobitex, Bit Pin, Wallex, and Ramzinex—for their involvement in sanctions evasion. TRM Labs estimates that these exchanges represented 78% of Iran's crypto activity in 2025, totaling around $7.7 billion. Despite these challenges, Iran saw approximately $10 billion in cryptocurrency transactions in 2025 and remains a key player in Bitcoin mining, contributing 4.5% to global operations.
Key facts
- Iran is increasingly using Bitcoin and USDT to bypass U.S. sanctions, per a Financial Times report published Wednesday.
- The Central Bank of Iran has relaxed controls and encouraged traders to repatriate overseas earnings via any means, including crypto.
- In June, OFAC designated four Iranian crypto exchanges: Nobitex, Bit Pin, Wallex, and Ramzinex.
- TRM Labs estimated those four exchanges represented roughly 78% of Iran's attributed crypto volume in 2025, or about $7.7 billion.
- TRM Labs estimates approximately $10 billion in cryptocurrency moved through Iran in 2025, compared with about $11.4 billion in 2024.
- Iranian authorities estimate more than $100 billion in undeclared earnings is held domestically and overseas.
- Iran's General Inspection Organisation said over 20,000 individuals and companies failed to return the equivalent of €94 billion in export proceeds.
- Tether has frozen hundreds of millions of dollars in USDT associated with Iranian-linked addresses.
- Elliptic estimates Iran accounts for around 4.5% of global Bitcoin mining activity.
- Treasury Secretary Scott Bessent said last week that digital assets could become additional targets.
Entities
Institutions
- Financial Times
- Tether
- U.S. Treasury
- Office of Foreign Assets Control
- TRM Labs
- Elliptic
- Nobitex
- Bit Pin
- Wallex
- Ramzinex
- Islamic Revolutionary Guard Corps
- General Inspection Organisation
- Central Bank of Iran
- NFT Plazas
Locations
- Iran
- Tehran
- United States
- Washington