Central Bank of Iran Targets Crypto Exchange Banking Rails

The Central Bank of Iran is planning to restrict the banking infrastructure used by domestic crypto exchanges. The move targets rial bank accounts and payment gateways, which would effectively prevent users from moving local currency into these platforms.

This action follows a series of temporary trading limits introduced by the central bank in late September 2026. Those measures included a daily purchase cap of 2,000 USDT per user and a nightly suspension of Tether-rial trading pairs between 21:00 and 09:00 Tehran time.

Exchanges such as Nobitex, Wallex, Ramzinex, and Bitpin have been subject to these earlier restrictions. The September measures were initially scheduled to expire around October 3 and October 4.

Tether remains a focal point in the region as a digital alternative to the US dollar amid ongoing sanctions. While the central bank is now restricting retail access to the stablecoin, blockchain analytics firm Elliptic previously identified over $507 million in USDT acquisitions linked to Iranian entities, suggesting the central bank had been an active buyer.

Tether has previously intervened in these flows, freezing approximately $344 million in April 2026 and $131 million in July 2026 in wallets associated with the Central Bank of Iran. Additionally, the US imposed sanctions on several Iranian exchanges, including Nobitex, in June 2026.

For domestic exchanges, the loss of banking rails presents a significant operational risk to their core business of converting rials into crypto. Traders now face pressure from both sides, as Tether can freeze tokens while local regulators restrict the ability to purchase them.

Market participants are watching to see which specific exchanges will be impacted by the account blocks and whether the temporary trading limits will be extended further.