The Iranian central bank has altered cryptocurrency exchanges' operating hours, limiting trades from 10 a.m. to 8 p.m., following a significant Nobitex hack.
Reasons for Imposing Trading Restrictions
The restriction on cryptocurrency trading hours in Iran stems from the recent hack of Nobitex, leading to losses of around $90 million. Authorities believe that limiting trading hours will enhance oversight and improve security.
The $90 Million Nobitex Hack
The Nobitex hack was a serious event for the Iranian crypto market, damaging user trust and revealing security vulnerabilities. Attack methods included phishing targeted at employees and potential wallet vulnerabilities.
New Rules and Their Impact on Crypto Exchanges in Iran
Under the new regulations, Iranian cryptocurrency exchanges will operate only from 10 a.m. to 8 p.m. This limitation may affect liquidity and user convenience significantly, prompting exchanges to adapt their systems for designated trading hours.
The introduction of trading restrictions in Iran underscores the central bank's efforts to enhance security following the Nobitex hack. These measures could substantially alter the market, reducing trading accessibility for users.
