US now also waging ‘crypto war’ on Iran
Last Updated on 2 May 2026 by CryptoTips.eu
Just as Bitcoin started the month of May off brilliantly, the US is increasingly waging a ‘crypto war’ against Iran. Thousands of accounts were blocked in the past week as citizens turn to cold wallets to protect their savings.
Iran’s shift to crypto, which has grown since the regime blocked the Strait of Hormuz and demanded payments in Bitcoin or USDT from ships, has truly unleashed a new cat-and-mouse game with the US, in which Washington attempts to further curtail Tehran’s economic opportunities, which were already severely limited by decades of sanctions.
Citizens are afraid to leave their crypto on the main Iranian crypto platform Nobitex and have therefore increasingly moved their assets to a cold wallet.
Tether
Earlier this week, the US announced sanctions against a network of Iran-linked crypto wallets, freezing hundreds of millions of dollars in digital assets.
According to Washington, these assets were an attempt to circumvent sanctions, whereas, in Iran’s mind, this is a way for the Trump administration to increase economic pressure amid negotiations to end the war.
Two years of successive economic shocks, two wars, and major countrywide protests have led to a surge in crypto activity in Iran. Partly due to the devaluation of its own currency, an increasing number of Iranians are immediately converting their salaries into USDT (the stablecoin pegged to the US dollar issued by Tether) on a monthly basis.
The importance of cryptocurrencies to the Iranian economy is underscored by the fact that the Iranian central bank purchased over $500 million worth of USDT last year.
