Cryptocurrencies: Iran relaxes the use of Bitcoin and USDT in trade

Iran has relaxed some foreign exchange controls to leave more room for cryptocurrencies in international settlements.

According to the Financial Times, Iran has recently adjusted its foreign exchange management policies to allow exporters to use its foreign exchange earnings more flexibly. Exporters can now directly use the foreign exchange earnings they earn to fund imports and use Bitcoin or USDT in specific cross-border settlements. Data shows that the scale of cryptocurrency activity related to Iran in 2025 will reach nearly US$9.9 billion. Currently, the Central Bank of Iran has not publicly commented on these new regulations.

Summary of Core Points

• Iranian exporters have gained greater freedom in using foreign exchange earnings.
• According to the Financial Times, Bitcoin and USDT can be used for certain cross-border payment settlements.
• Four sanctioned Iranian exchanges accounted for 78% of the country's total cryptocurrency transactions in 2025.

Policy details: Transition from legal currency to digital assets

This change is first reflected in the currency circulation mechanism. Iranian companies can now directly use part of their foreign exchange earnings to fund imports, and it is no longer mandatory to first sell these currencies on government-designated platforms at the official exchange rate.

Cryptocurrency has become one of the viable alternative channels. Through domestic exchanges in Iran, Bitcoin and especially USDT can be used to settle specific transactions. The policy change comes a month after the U.S. Treasury Department imposed sanctions on Shelbit and Aban Tether platforms, which the U.S. accused of helping to establish Iranian-related financial networks.

It should be noted that this is not a universal legalization of all cryptocurrency flows. Tehran's main goal appears to be to make it easier to recycle earnings generated overseas while international banking channels remain severely restricted. In addition, the Financial Times also pointed out that authorities are still investigating export earnings that have not yet been remitted back to the country. The Central Bank of Iran did not respond to specific details of the arrangement to relevant media. This is crucial: Although the Financial Times has reported on the use of Bitcoin and USDT, there are no official details released by the central bank of Iran among consulted sources.

Nearly US$10 billion in cryptocurrency will be circulated in Iran in 2025

Iran already has a significant foundation in the cryptocurrency field. According to TRM Labs, the volume of cryptocurrency transactions attributable to Iran in 2025 is estimated to be US$9.9 billion. Among them, four platforms alone, Nobitex, Bitpin, Wallex and Ramzinex accounted for approximately US$7.7 billion, accounting for 78% of the total. The four platforms were sanctioned by the Office of Foreign Assets Control (OFAC) on June 2.

Nobitex dominates. The U.S. Treasury Department estimates that the exchange handled more than half of Iran's digital asset inflows in 2025. Wallex accounted for approximately 12%, and Bitpin accounted for 10%. Since its inception, Ramzinex has handled more than $2.45 billion in funds.

Connections with foreign platforms are also well documented. TRM Labs said it has tracked $3.84 billion in financial flows between CoinEx and sanctioned Iranian entities over the past seven years. Of this, approximately $2.7 billion involved Nobitex. The same report also noted that between June 2025 and June 2026, approximately US$67 million of funds from Iran's central bank flowed into CoinEx addresses. According to reports, the funds used multiple blockchains and intermediate steps before reaching the exchange. CoinEx denies having any business relationship with the Iranian government or local platforms.

This case is not limited to CoinEx. A Cointerbune investigation this summer also determined that there were $676 million in transfers between Shelbit and Binance. However, Reuters did not confirm that all of these funds were directly controlled by the Iranian authorities. The amount is huge and there are many capital links.

Washington puts pressure on the entire Iranian cryptocurrency sector

The U.S. response is expanding. On August 24, the U.S. Treasury Department officially included digital assets in Iran's sanctioned industries. This arrangement allows OFAC to target foreign individuals and companies operating in the industry or providing specific services to it.

Washington specifically pointed out that cryptocurrencies are one of the means Iran uses to transfer funds around the traditional financial system. On the same day, the Ministry of Finance sanctioned trader Ivan Obukhov, who lives in United Arab Emirates. The U.S. government claims it has processed more than $100 million in cryptocurrency since 2023 to help promote oil sales that benefit the IRGC Qods Force.

Sanctions have previously begun to target exchanges directly. Sanctions were imposed on Nobitex, Wallex, Bitpin and Ramzinex in June; sanctions were imposed on Shelbit and Aban Tether in August. Bitcoin and stablecoins allow funds to be transferred without using a U.S. correspondent bank, but that doesn't mean that transactions are completely invisible.

Public blockchains leave traces. Centralized exchanges also retain customer data, while stablecoin issuers can freeze specific addresses, which is particularly evident on the USDT. For foreign companies, the risks remain concrete. Cointerbune has previously detailed the sanctions risks faced by companies that pay cryptocurrencies to Iran, particularly in the maritime sector.

So, while Washington is precisely expanding its surveillance methods, Tehran is opening its commercial channels more to digital assets. There is no need to speculate too much, nearly US$10 billion will be circulating in the Iranian cryptocurrency ecosystem in 2025. The new regulations aim to make this part of infrastructure better serve foreign trade.