Banking Services Cut for 5 Major Crypto Exchanges / What Is Behind the New Restrictions?

Under a new resolution of the Joint Crypto Asset Action Working Group, deposits and withdrawals have been suspended on several domestic exchange platforms.

Today, through a resolution, the access of 5 cryptocurrency platforms to banking services was cut off. According to Fars follow-up, this decision was taken by the "Crypto-assets Joint Action Working Group" which was established by the approval of the Supreme Regulation Commission and is responsible for coordinating and making quick decisions regarding the organization of crypto-asset exchange platforms and communicating the approved rules to them.

The aforementioned working group was formed by the head of FATA police and the plenipotentiary representatives of the Attorney General's Office, the Central Bank, the Regulatory Organization of the Ministry of Communications, the National Financial Information Center of Iran, the Ministry of Information, the IRGC Intelligence Organization and the National Center for Virtual Space (observer member).

According to this decree, from 16:00 today, Monday, October 20, access to 5 cryptocurrency exchange platforms will be limited to banking services and offline withdrawals, and users of these platforms will not be able to deposit and withdraw money. This restriction will be for three days, however, there is a possibility of extending it. Nobitex, Remzinx, Bitpin, Erzinja and Tetherland exchanges are the 5 platforms for which the restriction is implemented.