Iran entered the final night of February 2026 amid a near-total internet shutdown, yet the Iran-based crypto exchange Nobitex continued operating without interruption. Analysts estimate the platform routes billions in flows, including about $5 billion in observed volume between 2025 and March 2026, while Nobitex says it serves roughly 11 million users. The exchange has been tied by multiple investigations to sanctions-evasion mechanisms and high-risk counterparties, raising questions about why it has not been individually added to OFAC's SDN List.