Yemen Turns to DeFi Amid U.S. Sanctions Surge
Key Points at a Glance
The use of decentralized finance platforms (DeFi) in Yemen has increased by 63%. The reason behind this surge is U.S. sanctions against the International Bank of Yemen (IBY), which is allegedly cooperating with the Houthi movement. Due to restrictions in the traditional banking sector, many Yemenis are increasingly turning to cryptocurrencies and DeFi solutions. According to TRM Labs, a blockchain analytics firm, this trend could continue to grow — even in other countries facing similar constraints.
Background: U.S. Sanctions Against Yemeni Bank
On April 17, 2025, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on the International Bank of Yemen. According to OFAC, the bank has provided financial support to the Houthi movement, an Iran-backed group involved in the conflict in Yemen. Senior members of the bank were also sanctioned.
The U.S. government accuses IBY of facilitating access to funds for the Houthis, thereby indirectly enabling attacks on international trade routes in the Red Sea. The goal of the sanctions is to cut off the Houthis’ financial resources.
DeFi as an Alternative for Yemenis
Due to the sanctions, access to traditional banking services has become severely limited for many people in Yemen. This affects not only Houthi supporters but also the general population. The situation is particularly difficult for families who rely on remittances from abroad.
As a result, financial transactions are increasingly shifting to the digital space. Decentralized finance platforms (DeFi) allow users to access financial services without a central authority such as a bank. These services include payments, loans, and cryptocurrency exchanges. According to TRM Labs, DeFi services now account for over 63% of crypto traffic in Yemen.
TRM Labs: DeFi Trend Could Expand
TRM Labs has observed that wallets linked to the Houthi movement have conducted transactions worth over USD 900 million. Some of these wallets have since been blacklisted. Analysts see parallels to other groups like Hamas or ISIS, which also use cryptocurrencies to circumvent financial sanctions.
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In addition to Yemen, TRM Labs suggests that Iraq could also increasingly turn to DeFi if traditional financial systems continue to be restricted. Iran may serve as a technical supporter by providing digital infrastructure for alternative financial solutions.
Decentralization as a Result of Geopolitical Tensions
The situation in Yemen illustrates how political and economic sanctions can drive the increased use of decentralized technologies. DeFi platforms offer users the ability to operate independently of state-controlled financial systems. In crisis regions, this is becoming an essential need.
However, this development also carries risks. The lack of regulation in DeFi services makes it more difficult to track illegal activities. At the same time, it provides people in emergency situations with access to financial resources that would otherwise be unavailable to them.
Our Assessment
The growing use of DeFi in Yemen is an example of how geopolitical actions directly impact the financial habits of the population. For users in crisis regions, DeFi can serve as an important alternative — both for everyday payments and for international remittances. It also underscores that cryptocurrencies are not just speculative assets, but can play a functional role in unstable economic systems.
Anyone interested in cryptocurrencies should closely monitor developments in countries like Yemen. They demonstrate how digital financial systems are being used in real-world crisis situations — with all the opportunities and challenges that come with them.
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