Nobitex, one of the leading exchanges in Iran, remains a place of significant transaction activity. Exchange volume has shifted to stablecoins and is mostly driven by whales.
A recent report from Global Ledger shared with Cryptopolitan noted that Nobitex was surprisingly strong even after the effects of the war in Iran. The stock exchange was hacked $81.7 million On TRON, it still carries stable coin traffic and allows funds to exit the sanctioned country.
As cryptopolitan I mentioned Previously, Nobitex was closely monitored regarding its transaction flows, with some funds moving via TRON and BNB Chain.
In 2026, Nobitex trading volumes declined sharply, with US$46.97 million processed for the year so far. Activity of just $9.4 million per month is just a fraction of Nobitex’s peak volumes. In 2024, the exchange processed $207 million per month from its peak.
Nobitex remains a major hub for Iran
Global Ledger analysis showed that Nobitex has been resilient and has remained an important hub of cryptocurrency activity in Iran. In 2026, trading volume fell more than 18 times compared to its peak in 2024.
Despite the sanctions, Nobitex has remained connected to the broader central exchange ecosystem. Nobitex moved $3.06 billion to other centralized exchanges, with $1.13 billion processed by the top 10 centralized exchanges.
Exchange flow analysis showed that the largest players achieved the bulk of the volumes. About 4% of addresses with transactions exceeding $200,000 generated 85% of trading volume on Nobitex.
The war in Iran was a major geopolitical shock, but it did not destroy Nobitex. After trading volumes fell by 50% since March, the exchange has recovered slightly, returning to its levels from February 2026. The recovery shows that crypto players in Iran are adapting to the new conditions, and are still seeking USDT as the main safe haven asset.
Nobitex has seen a shift in asset usage
After the US attacks on Iran, Bitcoin usage declined, with only 0.08 Bitcoin deposited at Nobitex. The conflict caused an 86.5% drop in Bitcoin deposits.
Ethereum was one of the assets that saw a clear rise in deposits after February 28. The war accelerated Ethereum deposits, from 599 ETH before the war to 2021 ETH after the conflict, an increase of 3.4 times.
LTC deposits fell by 34% after the war, while TRX inflows shrank by 6%. USDT deposits are down only about 9%, still acting as a central asset. Nobitex uses USDT on TRON, and the stablecoin makes up about 84.4% of volumes.
Currently holds Nobitex 11.1 m In Origins, based on Arkham Intelligence data. Last day, another large-scale withdrawal was intercepted. A suspicious wallet withdrew $18.85 million from multiple chains.
So far, the withdrawal has not been classified as exploitation. Nobitex is also closely tracked as a hub for Money laundering and evading penalties. The last transaction netted $8.07 million in BNB, $3.19 million in SHIB, and $1.09 million in USDT. The money is still being held at the first destination wallet.
While it is still too early to determine whether Nobitex will return, the exchange showed continued cryptocurrency activity in Iran, with more attempts to trade or move funds as a means of evading sanctions.
