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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-0-FW6XZFLJIFG3FEXYE5FJ62LLCM">
The expanding <a target="_blank" href="https://www.thenationalnews.com/news/us/2026/03/08/irans-foreign-minister-rejects-unconditional-ceasefire-and-vows-to-fight-until-war-ends/" target="_blank" rel="noreferrer" title="https://www.thenationalnews.com/news/us/2026/03/08/irans-foreign-minister-rejects-unconditional-ceasefire-and-vows-to-fight-until-war-ends/">Iranian conflict</a> is highlighting the country's cryptocurrency system, which analysts estimate facilitated $7.8 billion worth of transactions last year, with the Islamic Revolutionary Guard Corps (IRGC) seen as a major participant.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-1-47LHR5AKGBGCNAKTIHGBJSKRTQ">
For decades, Washington has imposed sanctions on Iran, and the Trump administration’s “<a target="_blank" href="https://www.thenationalnews.com/news/us/2026/02/10/us-sanctions-an-overwhelmingly-strong-driver-for-iran-protests/" target="_blank" rel="noreferrer" title="https://www.thenationalnews.com/news/us/2026/02/10/us-sanctions-an-overwhelmingly-strong-driver-for-iran-protests/">maximum pressure</a>” campaign resulted in a local economic collapse in December, with the Iranian rial reaching a record low against the US dollar in January.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-3-RWSCN6SNN5CMZGZYVSLFDMPTHM">
“There is practically no working economy,” Alan Eyre, a prominent US diplomat involved in the American nuclear negotiation team from 2010 to the 2015 Joint Comprehensive Plan, stated in <i>The National</i>.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-5-WRXGJSCPLFESDJ27Q7GJ5N6TFM">
“The economy was already in dire condition before the conflict commenced, and now everything is at a standstill. The economic situation is effectively immobilized.”
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-6-Z35CKGL4DVH5FCYLJFD25XMASI">
As Iran’s economy collapses and the currency becomes increasingly devalued, cryptocurrencies have become a pivotal element of Iran's financial landscape. Research from the International Monetary Fund indicates that digital assets are becoming more prevalent as a hedge against currency depreciation.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-8-SRC2YAPZOZA5XHXEDG46PEBTEU">
Many Iranians have adopted cryptocurrencies as a financial safeguard during times of economic turmoil, protests, and significant drops in the rial's value.
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<h2 id="el-11-I6D5TVPFNVCD7ED2FHM" class="defaultstyled__StyledHeading-sc-11u52t4-7 dyhjrM h2 margin-md-bottom">
<b>Increase in Crypto Outflows</b>
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-12-I6U5VOBDUZDJ3DBL6STPSW2SWE">
One of the exchanges monitored by Ms. Martin, Nobitex, is the largest crypto asset exchange in Iran, playing a crucial role in the nation's crypto ecosystem.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-13-EGL5ENV5YBC7JAFNBIDZU2VZVQ">
Iranians utilize Nobitex for inflation hedging and the simplicity of money transfers, with the exchange also serving the state and the IRGC.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-14-DIAO34H4FBHWDFSRF2EQJ2LI4I">
Blockchain analytics firm Elliptic reported that Nobitex processed $7.2 billion in crypto transactions last year, boasting over 11 million users.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-15-Q23FVTRT5FDCJIBGK7RQQG6NRI">
Following coordinated US-Israeli strikes on Iran, crypto outflows from Nobitex surged by 700 percent in the hours afterward, as reported by researchers at Elliptic.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-17-QU5SUSWGXJEQBFJFITF7XQ462M">
“Iranian state actors and those linked to the IRGC utilize local exchanges, indicating that some outflows may represent state actors transferring funds from Iranian platforms,” Ms. Martin noted.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-20-IN47GMMJEJCNLAANLLVXUYYQUM">
Large transfers in hundreds of thousands to millions of dollars could indicate activity by the Iranian regime, according to Martin.
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<h2 id="el-25-JGY4XHUB2BCUBOPSZ6UNII2GEI" class="defaultstyled__StyledHeading-sc-11u52t4-7 dyhjrM h2 margin-md-bottom">
<b>Evasion of Sanctions</b>
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-26-VVJEQ5PDLJFHDPE4Q2IEWOQCUY">
Mr. Tugendhat stated that while digital assets are just one facet of Iran’s broader strategy to evade sanctions, much of the nation’s wealth remains in traditional assets, particularly gold.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-27-X7V5ZJTUWBCORFM3LG767JWYTU">
“Gold is the primary store of value in Iran, as it is the only asset they can rely on. Note that the IRGC operates a large criminal network, controlling approximately 40 to 50 percent of the Iranian economy,” he remarked.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-28-PZ6U554CXFHHDNWY3DSKMF5MVM">
In January, the US Treasury sanctioned Iranian businessman Babak Zanjani for allegedly supporting IRGC-related projects.
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<p class="defaultstyled__StyledText-sc-11u52t4-1 huqwQJ margin-lg-bottom" id="el-29-5JBM3G22PJF4PA45XWRMODRFPA">
Treasury officials alleged that two cryptocurrency exchanges, Zedcex and Zedxion, registered in the UK, served as components of a wider network facilitating IRGC-linked fund transfers globally with significant anonymity.
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</div>Feel free to adjust any parts if needed!
