Iran’s central bank has reportedly loosened foreign-exchange restrictions and allowed greater use of cryptocurrencies for export payments as businesses look for alternatives to traditional banking channels constrained by U.S. sanctions.
Iranian companies can reportedly receive cross-border payments through USDT, Bitcoin and other digital assets, the Financial Times reported on Sept. 9, citing people familiar with the matter. USDT is said to be the most commonly used cryptocurrency for these transactions.
“Receiving export payments in crypto has become completely normal,” an executive at a government-linked company told the publication. The executive’s identity was not disclosed, while the Central Bank of Iran did not respond to the newspaper’s request for comment.
Iran’s Crypto Payment Shift Remains Unofficial
The reported changes would allow exporters to bring overseas funds back through domestic cryptocurrency exchanges. Businesses could also exchange foreign currency on open markets or use their export earnings directly to pay for imported goods.
These arrangements give exporters an alternative to Iran’s official foreign-exchange system, reducing their dependence on it. Traditionally, the system has required companies to return overseas earnings through state-supervised channels, often using exchange rates that are less favorable than those offered in the open market.
The Financial Times report points to a change in enforcement rather than a new law or formal directive from the central bank. So far, no public document from the Central Bank of Iran has confirmed that cryptocurrencies are officially approved as a settlement method for all exporters.
The distinction is important because official tolerance does not necessarily give businesses clear legal protection. Policies can change, and transactions may still be subject to domestic reporting rules, tax obligations or foreign-exchange requirements.
Iranian officials are also pushing for exporters to bring overseas earnings back into the country. According to figures cited by the Financial Times, more than 20,000 individuals and companies have allegedly failed to repatriate around €94 billion. The figure, however, has not been independently confirmed through a central bank filing.
On-Chain Activity Nears $10 Billion in 2025
TRM Labs estimated that roughly $9.9 billion in cryptocurrency volume was linked to Iran during 2025. Its 2026 Crypto Crime Report tracked both incoming and outgoing transactions associated with Iranian services and entities.
The figure was below the roughly $11.4 billion recorded in 2024. TRM said the steady transaction volume pointed to underlying demand rather than being driven solely by speculative trading. Blockchain attribution is still an estimate and may be revised as researchers uncover additional addresses.
Iranian users rely on digital assets for various needs, including saving money, trading and making cross-border payments. USDT provides access to dollar exposure without requiring users to hold a dollar-denominated bank account. Tron is also widely used for USDT transfers because its network typically offers relatively low transaction fees.
Bitcoin mining represents another avenue for crypto activity in Iran. Elliptic estimated in 2021 that Iran accounted for roughly 4.5% of global Bitcoin mining. However, that figure is historical and should not be viewed as a confirmed estimate of Iran’s share of the mining market in 2026.
The reported $10 billion in annual crypto activity remains modest compared with Iran’s broader economy and trade needs. While digital assets can make cross-border settlement easier, they cannot fully substitute for banking relationships, trade finance or deep foreign-exchange markets.
U.S. Sanctions Make Iranian Crypto Transactions Riskier
Iran’s domestic use and acceptance of cryptocurrencies does not shield transactions from foreign sanctions. The U.S. Treasury treats Iranian digital asset exchanges as financial institutions based in Iran, meaning their property must be blocked when it falls within U.S. jurisdiction.
Iran’s domestic acceptance of cryptocurrencies does not exempt the country from foreign sanctions. The U.S. Treasury classifies Iranian digital asset exchanges as financial institutions operating in Iran, meaning their assets must be blocked when they fall under U.S. jurisdiction.
The potential exposure is not limited to U.S. companies. OFAC says non-U.S. financial institutions and other foreign entities could also face sanctions if they materially support designated Iranian exchanges or help facilitate certain transactions on their behalf.
In June, the U.S. Treasury designated Nobitex, Wallex, Bitpin and Ramzinex. The agency accused the platforms of operating within Iran’s financial sector and facilitating transactions and other activity connected to sanctioned entities.
TRM estimated that the four exchanges processed about $7.7 billion, accounting for roughly 78% of Iran’s attributed cryptocurrency volume in 2025. Nobitex alone reportedly handled more than half of the country’s digital asset inflows.
Stablecoin Freezes Limit Crypto’s Ability to Resist Sanctions
USDT can provide faster cross-border settlement, but Tether retains the ability to freeze tokens at the issuer level. That gives the stablecoin a level of centralized control that Bitcoin does not have, as its protocol operates without a central issuer holding similar power to block transactions.
In April, Tether froze roughly $344 million in USDT across two Tron addresses that U.S. authorities had linked to Iranian state and military networks.
The move showed that blockchain transfers do not automatically put funds outside the reach of sanctions enforcement. Stablecoin issuers, centralized exchanges and compliant intermediaries can still restrict wallet addresses or freeze assets when authorities identify transactions linked to prohibited activity.
Washington has since expanded its crackdown. In related developments, U.S. authorities stepped up efforts against cryptocurrency networks linked to Iran while warning companies about digital asset transactions involving Iranian entities under sanctions.
The next steps will hinge on whether Iran’s central bank formally backs the reported policy, issues clear settlement rules or approves specific channels for exporters. Until that happens, claims that crypto payments are now “completely normalized” remain largely based on unnamed sources and testimony from industry participants.
Foreign exporters, exchanges and payment providers must assess their exposure to U.S., European and local sanctions separately. Iran’s reported willingness to allow such activity does not shield overseas counterparties from potential asset freezes, secondary sanctions or enforcement actions in other jurisdictions.
