Central Bank Limits Banking Access for Nobitex and Four Other Cryptocurrency Platforms; Possible Delay in Rial Settlements

The Central Bank has requested banks to restrict Nobitex and four other cryptocurrency platforms' access to non-cash banking services starting from 4 PM on Monday, October 12. Nobitex has announced that implementing this decision may disrupt and delay users' rial withdrawals and settlements; a restriction that, according to the notification, will last for three days.

According to Mihan Blockchain, Nobitex has stated in a notice that users can submit rial withdrawal requests until 4 PM, provided that the restriction is not applied earlier. The exchange has warned that due to pending requests and the timing of banking processes, completing settlements may take time even after the three-day period ends.

Three-Day Rial Service Limitation

Nobitex claims that this decision directly affects the banking settlement process and currently, there is no reliable alternative solution for processing the high volume of requests. The exchange has protested against the new restriction and has asked the Central Bank and related authorities to reconsider their decision.

Nobitex has also emphasized that this limitation does not relate to users' cryptocurrency balances, and the withdrawal of digital currencies and other services on this platform will continue as usual.

In Nobitex's announcement regarding this matter, it stated:

Nobitex protests this decision and believes that no action, under any justification, should lead to limiting users' access to their assets. Especially in the current economic conditions, where delays or disruptions in access to assets can affect people's lives and financial commitments. We have requested the Central Bank and other related authorities to reconsider this decision and prevent its consequences from being imposed on users.

Reactions from Other Exchanges to Banking Restrictions

Bitpin exchange has also reported on the publication of reports regarding banking withdrawal restrictions through web services on several cryptocurrency platforms and has stated that it is examining the dimensions and consequences of this decision. This exchange has said it will publish more details after completing its investigations.

In contrast, Tabdeal exchange has announced that its platform is not on the list of exchanges subject to restrictions, and deposits and withdrawals in tomans, cryptocurrency transfers, and transactions continue without interruption.

Nobitex's Dispute with Regulatory Authorities

Nobitex has attributed part of the recent pressures to disputes over access to user information. This exchange states that before providing information, the purpose of data collection, access limits, and the responsibility for protecting them must be clarified. In this notice, it is stated:

Part of the pressures and restrictions imposed on Nobitex is due to our insistence on maintaining user privacy and refraining from providing their information without clarifying the purpose of data collection, access limits, and the responsibility for protecting this data. The security of your information and privacy is our priority, and we believe that before providing continuous access to this information, it should be clear what data, for what purpose, and to whom it is provided, and who is responsible for protecting it. Alongside legal cooperation with responsible authorities, we are committed to preserving your rights.

This platform has also denied allegations regarding market operating hours violations and states that it has acted according to the directives received from the relevant authorities and will provide its documentation for review.

As of the publication of this news, independent details from the Central Bank's letter and the names of the four other platforms subject to restrictions have not been released.

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