Analyzing Iran’s cryptocurrency ecosystem

With Iran’s Central Bank voicing its intention to pursue cryptocurrency projects aimed at getting around sanctions, many exchanges such as LocalBitcoins have stopped offering service to Iranian users to limit their exposure to possible sanction violations. But while Iran is cut off from many international exchanges, local exchanges continue to operate in the country, drawing scrutiny from U.S. and international regulators. For this reason, it’s crucial to understand how Iranian exchanges interact with the international cryptocurrency ecosystem, and especially their exposure to regulated exchanges. In this intelligence brief, we provide an overview of one of Iran’s more popular local exchanges: Farhad Exchange.