Key takeaways

• Iran’s biggest exchange Nobitex recorded roughly USD 3 million more in total inflows and outflows following the initiation of US-Israeli strikes, however these flows are not necessarily outliers in the context of routine operations, and TRM cautions against drawing conclusions regarding capital flight at this time.
• After US-Israeli strikes on Iran began on February 28, observers reported wide internet outages impacting the ability to actively trade or participate in crypto markets in Iran – contracting the market overall.
• Major domestic exchanges remained operational but moved into risk containment mode, suspending or batching withdrawals, reducing market depth, and issuing risk guidance — signaling infrastructure…