Introduction

As companies in Iran look for new ways to bypass sanctions, the country has welcomed a decentralized cryptocurrency exchange and a non-custodial cryptocurrency wallet.

Decentralized Financial Services Launched

According to TRM Labs, a blockchain intelligence company, which is the largest centralized cryptocurrency exchange in Iran, Nobitex launched two decentralized financial services in August 2023: Nobidex, a decentralized cryptocurrency exchange, and Locket Wallet, a non-custodial cryptocurrency wallet, in an attempt to evade Of penalties. Imposed on the country in response to the nuclear program.

Supported Blockchain Networks

Nobidex currently supports only the Arbitrum sidechain, offering trading pairs such as WBTC/USDT, LINK/USDC, ARB/USDT, WETH/USDT, and WETH/USDC. However, the exchange is expected to support other blockchain networks such as Ethereum (ETH), BNB Chain (formerly Binance Smart Chain), Polygon (MATIC), Tron (TRX), and others.

Accessing the Platform

TRM Labs points out that users can access the platform without going through the KYC/AML process by linking non-custodial wallets such as Trust Wallet, MetaMask, or Locket Wallet.

Cryptocurrency Seizure

In late June 2023, Israeli Defense Minister Yoav Gallant said the government had confiscated millions of dollars worth of cryptocurrencies linked to Iran’s military arm, the Quds Force, and the Lebanese militant group Hezbollah. The Defense Minister added that this was the first major seizure related to cryptocurrencies carried out by the Israeli intelligence service Mossad, military intelligence, and local police.