Iran exchanges suffer massive falls after recent military attacks

Multiple Iranian cryptocurrency exchanges, including the country’s largest in volume, Nobitex and Ramzinex, along with others such as Excoino, Bitbarg and Aban Tether, are inaccessible following the military attacks launched by Israel and the United States against Iran, leaving users without access to their cryptocurrencies.

The exact cause of the closure is not confirmed. According to the Chainalysis team, it could be a widespread internet blackout decreed by the regime, damage to infrastructure caused by bombingsor a combination of both.

From the Nobitex team, the largest exchange in Iran, they published a statement on February 28 on their X account acknowledging the instability:

Given the special conditions of the country and the possible instability of the communications infrastructure, Nobitex’s technical and security teams are in permanent 24-hour monitoring and alert mode. Our top priority is to preserve the security of user assets and continuity of service. However, it is possible that at times, due to the country’s infrastructure conditions, some users may experience slow or unstable access.

Nobitex, cryptocurrency exchange.

However, not all Iranian exchanges are offline. NoticiasVE verified that Sarmayex, Exir.io and Wallet.ir remain operational at the time of this publicationalthough it is not possible to determine the stability of their operation or whether they could be affected by an escalation of the conflict or the internet blackout.

A $7.78 billion ecosystem in the midst of war

The fall of the exchanges comes at a time when cryptocurrencies have become a central financial tool for many Iranians.

According to a Chainalysis report published on January 15, the country’s cryptoasset ecosystem exceeded $7.78 billion in 2025driven in part by the collapse of the Iranian rial, which has lost approximately 90% of its value since 2018 against a backdrop of inflation of 40% to 50% annually.

The same report documented that, during previous episodes of political instability, Iranians significantly increased bitcoin (BTC) withdrawals from exchanges to personal wallets in their own custody, a behavior that Chainalysis described as a rational response to monetary deterioration.

Those who followed this pattern and withdrew their funds to their own wallets before the attacks do not now depend on the downed exchanges to access their money. Those who did not do so face a different scenario: your funds are on inaccessible platforms in the middle of a crisis.