Iran turns to crypto for export payments amid sanctions: FT

Iran’s central bank has reportedly eased foreign-exchange controls and tolerated cryptocurrency use for export payments as businesses seek alternatives to conventional banking channels restricted by U.S. sanctions.

Iranian companies can 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 reportedly the most widely used asset.

“Receiving export payments in crypto has now become completely normalized,” an executive at a government-linked company told the publication. The executive was not identified, and the Central Bank of Iran did not respond to the newspaper’s request for comment.

Iran crypto payments remain an unofficial policy shift

The reported changes include allowing exporters to repatriate overseas funds through domestic cryptocurrency exchanges. Businesses may also convert foreign currency through open markets or use export revenue directly to purchase imports.

FT: Using Crypto to Receive Export Payments in Iran Has Become Completely Normalized

According to FT, under pressure from U.S. sanctions and financial blockades, Iran’s central bank has quietly eased foreign exchange controls in recent months, encouraging exporters to repatriate… pic.twitter.com/YyoKdds9km

— Wu Blockchain (@WuBlockchain) September 9, 2026

These arrangements reduce exporters’ reliance on Iran’s official foreign-exchange system. That system has traditionally required companies to return foreign earnings through state-supervised channels, often at exchange rates below those available on the open market.

The Financial Times report describes a shift in enforcement rather than a published law or formal central bank directive. No public document from the Central Bank of Iran has confirmed that cryptocurrency is now an authorized settlement method for every exporter.

The distinction matters because tolerance by officials does not necessarily provide businesses with legal certainty. Policies could change, while transactions may still face domestic reporting, tax or foreign-exchange requirements.

Iranian officials are also seeking the return of export proceeds held outside the country. More than 20,000 individuals and companies have allegedly failed to repatriate approximately €94 billion, according to figures cited by the Financial Times. That claim has not been independently verified through a central bank filing.

On-chain activity approached $10 billion in 2025

TRM Labs attributed approximately $9.9 billion in cryptocurrency volume to Iran during 2025. Its 2026 crypto crime report measured both incoming and outgoing transactions linked to Iranian services and entities.

The total was lower than approximately $11.4 billion recorded in 2024. TRM said the sustained volume reflected structural demand rather than purely speculative trading. Blockchain attribution remains an estimate and could change when researchers identify additional addresses.

Iranian users employ digital assets for several purposes, including savings, trading and cross-border payments. USDT offers exposure to the U.S. dollar without requiring access to a dollar-denominated bank account. Tron is widely used for USDT transfers because of its relatively low transaction fees.

Bitcoin mining provides another crypto channel. Elliptic estimated in 2021 that Iran accounted for about 4.5% of global Bitcoin mining. That estimate is historical and should not be treated as Iran’s confirmed share in 2026.

The reported $10 billion in annual crypto activity also remains small relative to Iran’s wider economy and trade requirements. Digital assets can improve settlement access, but they do not fully replace banking relationships, trade finance or large-scale foreign-exchange markets.

U.S. sanctions make Iranian crypto transactions risky

Iran’s domestic acceptance of crypto does not override foreign sanctions. The U.S. Treasury considers Iranian digital asset exchanges to be Iranian financial institutions whose property must be blocked when it falls under U.S. jurisdiction.

An official OFAC notice says U.S. persons generally cannot transact with Iranian crypto exchanges unless an exemption or authorization applies. Sanctions obligations apply whether transactions use traditional currency or digital assets.

The exposure can extend beyond U.S. companies. OFAC says non-U.S. financial institutions and other foreign persons may face sanctions for materially supporting designated Iranian exchanges or facilitating certain transactions on their behalf.

In June, Treasury designated Nobitex, Wallex, Bitpin and Ramzinex. The agency accused the platforms of operating in Iran’s financial sector and facilitating activity linked to sanctioned entities.

TRM estimated that the four exchanges handled about $7.7 billion, or 78%, of Iran’s attributed cryptocurrency volume during 2025. Nobitex alone reportedly processed more than half of Iranian digital asset inflows.

Stablecoin freezes limit crypto’s resistance to sanctions

USDT may offer faster cross-border settlement, but Tether can freeze tokens at the issuer level. This makes the stablecoin more controllable than Bitcoin, whose protocol lacks a central issuer with comparable blocking authority.

In April, Tether froze approximately $344 million in USDT held across two Tron addresses linked by U.S. authorities to Iranian state and military networks. As crypto.news previously reported, the wallet freeze targeted funds tied to Iran’s IRGC.

The action showed that blockchain transfers do not automatically place funds beyond sanctions enforcement. Stablecoin issuers, centralized exchanges and compliant intermediaries can restrict addresses or freeze assets when authorities identify prohibited activity.

Washington has since widened its campaign. In related coverage, U.S. authorities intensified actions against Iran-linked cryptocurrency networks while warning companies about digital asset transactions involving sanctioned Iranian entities.

The next developments will depend on whether Iran’s central bank formally confirms the reported policy, publishes settlement rules or licenses specific channels for exporters. Until then, claims that crypto payments have become “completely normalized” remain based on unnamed sources and industry testimony.

Foreign exporters, exchanges and payment providers must separately assess U.S., European and domestic sanctions exposure. Iran’s reported tolerance does not protect an overseas counterparty from asset freezes, secondary sanctions or enforcement in another jurisdiction.