According to a recent report by TRM Labs, a firm that specializes in monitoring public transaction data, it has been revealed that Iran’s cryptocurrency economy heavily relies on TRON (TRX).
The research shows that in 2022, TRON accounted for a staggering 65% of the incoming crypto volume on Iranian exchanges. This information sheds light on the popularity of TRON in Iran’s digital currency market and highlights its significant role in the country’s crypto economy.
The research further found that Iran’s top crypto exchange, Nobitex, handled most transfers worth $2.6 billion. Local exchanges only got 0.08% of illegal volume, below the 2022 global average. Despite sanctions, Iran’s crypto use surged with almost $3 billion incoming volume in 2022.
Iranian exchanges comply with the KYC standards of major global exchanges. The research revealed that Nobitex had 87% of the crypto volume in Iran in 2022. Iranian exchanges handled 60% of funds from non-Iranian services. Global crypto exchanges accounted for 80% of sending volume and 66% of receiving volume in Iran in 2022.
DeFi usage was under 1% for sending and receiving volumes. Cash-to-crypto businesses were only 0.01% of the volume sent to Iranian exchanges in 2022, primarily from crypto ATMs in Europe and North America. TRM Labs found Iranians using VPNs and fake IDs to get around exchange compliance systems.
Using VPNs may disrupt compliance checks. Hence, domestic Iranian exchanges do not promote its usage. However, Iranian crypto enthusiasts on the internet suggest using VPNs to carry out transactions involving significant amounts of crypto.
In spite of the persistent effects of the COVID-19 pandemic, civil unrest, and global sanctions, TRM Labs’ 2022 report on Iran’s cryptocurrency economy revealed that Iranians continued to adopt cryptocurrencies.
Notably, the report highlighted the dominance of the TRON blockchain and Nobitex exchange in the Iranian market and the KYC controls employed by Iranian exchanges.
TRON Leads Daily Transaction Volume
In a recent update from the TRON community, it has been reported that TRX has taken the lead in daily transaction volume, surpassing major cryptocurrencies like Ethereum, Bitcoin, Litecoin, and Dogecoin.
This development showcases TRON’s growing popularity and adoption in the cryptocurrency market. TRON’s achievement of this significant milestone is a clear indication of the platform’s ability to handle large volumes of transactions efficiently.
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