Iran Cuts Banking Access for 5 Crypto Exchanges Over User Data Dispute

Banking access for five cryptocurrency exchanges in Iran will be restricted starting at 4:00 PM today, Monday, October 12, 2026, a decision that, according to one affected exchange, stems from a dispute over sharing user data.

Fars News Agency, affiliated with the Islamic Revolutionary Guard Corps (IRGC), reported that these restrictions cover deposits, withdrawals, and non-presential banking services, leaving users of the five crypto platforms unable to conduct these transactions.

According to the report, the decision to restrict banking services was made by a committee affiliated with the Supreme Council of Cyberspace, and the Central Bank subsequently notified banks to execute the order.

Fars did not disclose the names of the five exchanges subject to the decision, though previous reports had highlighted the alleged role of certain crypto platforms in causing currency market disruptions, alongside Central Bank plans to freeze their accounts.

In response, the Nobitex exchange announced that the new restrictions stem from “the platforms’ refusal to hand over user data” and their emphasis on protecting customer privacy.

The exchange stated that the government entities’ decision was driven not by currency market activities but by “the platforms’ refusal to surrender customer information.”

According to released information, the restriction on banking services is set to last for three days, with the possibility of an extension.

Further details regarding the government entities’ motives for demanding access to user data, as well as the complete list of affected exchanges, have not yet been disclosed.