State leaders in Iran have taken sudden action against local crypto websites. Starting October 12, 2026,
the country cut off bank access for five major crypto exchanges. The freeze stops everyday users from
moving money. People cannot put money in through bank accounts. They also cannot take cash out.
According to news from IranWire and local news teams, the shutdown began at four in the afternoon.
The order came from a special committee tied to the state web office. The Central Bank of Iran then told
local banks to act. Banks had to shut down payment tools for the five crypto websites right away.
The sudden ban comes from a fight over private user data. Iranian leaders have been asking crypto
websites to hand over detailed user records. State bosses want full access to user ID numbers. They
want trade logs. They also want personal bank records. Officials claim this data is needed to stop illegal
money moves. They also say it will help steady the national currency.
However, several big crypto platforms refused to hand over user data. Leading Iranian crypto exchange
Nobitex spoke out about the event. The exchange confirmed that the banking ban happened because
platforms refused to give up customer data. Nobitex explained that its team took a strong stand. They
wanted to protect user privacy. They wanted to keep user personal data safe from harm.
The exchange stated that government claims about market troubles were not the real cause of the ban.
Instead, the freeze was punishment for standing up for customer privacy. Nobitex emphasized that user
data must remain safe from state tracking. The firm said it will not give in easily.
The banking shutdown creates big troubles for everyday crypto users in Iran. Without access to local
bank payment tools, people cannot deposit local cash to buy coins. They also cannot sell their digital
coins to send cash back to their bank accounts. This sudden blockage traps user money inside digital
wallets.
Many people in Iran use crypto to protect family savings against high price jumps. The local money, the
rial, has lost value fast over recent years. When prices in food stores go up every single month, holding
digital coins helps people protect their money. Everyday workers buy Bitcoin or dollar stablecoins. This

helps them keep their buying power. People also use digital coins to buy web tools. They use them to
pay for foreign work. They also save coins for the future.
According to official notices, the banking service block will last for three days. However, state officials
warned that the ban could last longer. They may extend it if the exchanges do not give in to state
demands. State agencies have not shared the full list of all five targeted exchanges.
The dispute shows the growing fight between state power and user privacy in the crypto space. In many
nations, state leaders want total sight into every money move that citizens make online. They want to
track where money goes. They want to see who owns every coin. But open blockchains and crypto
platforms were built to give people freedom and privacy.
The next few days will be very important for Iranian crypto platforms. If the banking ban continues, it
could push trading into unofficial street markets. When official websites lose bank tools, people often
trade directly with each other. They use paper cash or private chat apps to swap coins. That can increase
risks for everyday buyers. Many people could face fraud or theft in private deals. Local crypto leaders
hope that talks with bank officials will lead to a fair deal. They want a fix that protects user privacy while
keeping websites open. Both sides continue to watch the news with care.