In 2024, sanctioned regions received 15.8 billion USD in cryptocurrency, marking 39% of illicit transaction volume. Iran’s sanctions-related crypto activities increased to nearly 60%, reflecting rising distrust towards government and economic instability.

Cryptocurrency outflows from Iranian exchanges spiked during geopolitical tensions. Notably, Bitcoin transactions surged when reports indicated Iran was preparing missile strikes, with significant peaks on dates of escalations in conflict.

As Iran expanded cryptocurrency usage amidst sanctions, similar trends were seen in Russia with growing no-KYC exchanges. Although the total inflows dropped, these platforms continue to facilitate transactions despite international sanctions.