Iran’s central bank has ordered domestic cryptocurrency exchanges to restrict trading hours to 10 AM–8 PM following a $90–100 million hack on Nobitex, the country’s largest crypto platform, on June 18, 2025. The curfew aims to enhance oversight and reduce the risk of cyberattacks during off-hours when response times are slower. The hack, claimed by the pro-Israel group Gonjeshke Darande (Predatory Sparrow), was politically motivated, with funds sent to inaccessible “burner” wallets to disrupt Iran’s financial system rather than for profit.
Nobitex, processing over $11 billion in inflows, is a key hub for Iranians bypassing sanctions. The exchange has moved assets to cold storage and promised to cover losses via its reserve fund, though user access remains unavailable due to ongoing internet disruptions. Critics argue the curfew limits access to 24/7 global markets and may push users toward decentralized platforms.
Restricting trading to 10 AM–8 PM allows better monitoring during peak hours, potentially reducing hack risks by enabling faster response to suspicious activity. The Nobitex hack, executed during off-hours, exposed vulnerabilities in Iran’s crypto infrastructure. The curfew disrupts access to the 24/7 global crypto market, limiting trading opportunities for Iranians already constrained by sanctions. This could push users to unregulated decentralized exchanges (DEXs), which are harder to monitor and secure.
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Iran’s crypto market, with Nobitex alone handling $11 billion in inflows, is a critical workaround for sanctions. Restricted hours may reduce liquidity and deter investors, potentially weakening this financial lifeline. Smaller exchanges may struggle to comply with new security mandates, consolidating market share to larger players like Nobitex.
The hack by Gonjeshke Darande, a pro-Israel group, highlights crypto’s role in geopolitical conflicts. Funds sent to burner wallets signal intent to disrupt rather than steal, escalating tensions in Iran’s financial ecosystem. The curfew may be seen as a defensive move, but it could also signal to adversaries that Iran’s crypto sector is vulnerable, inviting further attacks.
Users may turn to VPNs or offshore platforms to bypass restrictions, increasing exposure to scams or less secure environments. The curfew could accelerate adoption of decentralized finance (DeFi), complicating government oversight and tax collection. Government seeks control and security, prioritizing stability over user convenience. The central bank views crypto as both a sanction-evasion tool and a liability due to hacks.
Users value unrestricted access to global markets, especially for hedging against inflation and sanctions. The curfew frustrates retail traders reliant on flexible trading hours. Centralized Exchanges (e.g., Nobitex) benefit from regulatory compliance but face operational constraints and are prime hacking targets due to large asset pools.
Decentralized Platforms gain appeal as users seek alternatives, but lack of oversight increases risks of fraud and technical errors. Iran’s restrictions contrast with the crypto ethos of borderless, 24/7 trading, isolating its users from global trends. The hack’s geopolitical motive underscores how Iran’s crypto market is a battleground for international actors, unlike the relatively neutral global crypto space.
The curfew reflects a broader tension: balancing cybersecurity with financial freedom. While protecting against hacks, it limits economic agency for Iranians navigating a sanctioned economy. The curfew may bolster short-term security but risks alienating users and driving them to less regulated platforms, undermining Iran’s crypto ecosystem.
