Key Takeaways
- Iran imposes a curfew on crypto exchanges, limiting operations from 10 AM to 8 PM.
- The decision follows a $90 million hack on the top Iranian exchange Nobitex.
- Critics say the move undermines crypto’s 24/7 nature and may drive users toward DeFi.
In the wake of rising geopolitical tensions and a major security breach, Iran’s central bank has ordered all domestic crypto exchanges to restrict their operating hours to 10 AM–8 PM.
The move comes just one day after Nobitex, the country’s largest exchange, was hacked for nearly $90 million, an incident reportedly linked to pro-Israel hacking group Gonjeshke Darande (Predatory Sparrow).
Traditionally, crypto markets run 24/7. But Iran’s new trading curfew signals an attempt to tighten oversight and reduce risk during off-hours, which officials believe are more vulnerable to cyberattacks.
From 24/7 to 10/8: Iran Puts Limits on Crypto Activity
The new operating window effectively cuts exchange access by more than 40%, a stark shift for an industry built on round-the-clock accessibility.
While Iranian authorities frame the curfew as a cybersecurity precaution, critics argue it’s a step backward.
Chainalysis was among the first to report on the central bank’s directive, which sources say was fast-tracked after the Nobitex incident exposed lapses in real-time monitoring during off-peak hours.
In response, some Iranian users are calling for a move to decentralized finance (DeFi) protocols, which remain beyond the reach of government control.
Security vs. Sovereignty: Debate Heats Up
Government supporters see the new restrictions as a practical way to avoid further losses, especially amid escalating conflict in the region.
However, crypto advocates say time-based restrictions miss the point of digital assets entirely.
“Limiting trading hours in a 24/7 global market is like putting a curfew on the internet,” one X user wrote. “Capital always finds a way. Censorship only accelerates decentralization.”
While the curfew won’t stop bad actors outright, it may serve as a short-term fix to stem capital flight and restore some sense of order.
However, it also raises questions: if Iran can put crypto on a schedule, what’s stopping other governments from doing the same?
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
