✨ Every Fifth Iranian Uses Cryptocurrencies
posted 22 Oct 2024
Estimates suggest that 15-19 million Iranians, or around 15-20% of the population, use cryptocurrencies. They trade digital assets on various local platforms. There are approximately 90 such platforms in the country, though only ten are centralized.
However, using these exchanges can impose certain limitations on users' funds. For example, most foreign companies freeze any assets sent from wallets linked to Iranian platforms, whether directly or indirectly.
This stems from the fact that U.S. law enforcement agencies have long enforced both primary and secondary sanctions on platforms operating with Iranian users. These sanctions have been a significant factor in the growth of users on local exchanges.
As a result, since mid-2017, following the Trump administration’s rise to power and the intensification of sanctions against Iran, local entrepreneurs have designed centralized exchanges dedicated to the Iranian market, filling the void left by international platformswrites Maria Noor, OSINT freelancer.
One of the leading platforms is Nobitex, which serves over a third of Iran’s crypto users (6 million people) and works closely with the government, receiving state backing. The U.S. has accused the platform of facilitating money laundering for terrorists and fraudsters.
Analysts at Arkham and TRM Labs were the first to identify Iranian exchange wallets, allowing international organizations to swiftly freeze assets. For this reason, many human rights groups are advising honest Iranian users to transition to DeFi platforms.
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