Iranian digital currency platforms have halted nighttime Tether-to-rial trading and capped daily purchases at two thousand units per user following Central Bank instructions. The temporary restrictions, running through early October, aim to curb speculation in the parallel exchange market.
Digital asset platforms in Iran have rolled out temporary trading curbs on the stablecoin Tether against the Iranian rial. According to platform notices, the measures include suspending nighttime dealings and establishing a daily purchase ceiling of two thousand units for each user, acting on directives from the Central Bank of Iran.
Tether is a stablecoin designed to maintain a one-to-one peg with the United States dollar, distinguishing it from volatile digital assets such as Bitcoin and Ethereum. Although the asset is engineered for price stability, local market pricing in Iran remains subject to broader foreign exchange shifts and shifts in domestic supply and demand, as noted by the platform Wallex.
Nighttime Closures and Platform Deadlines in Tehran
The restrictions took effect on a Wednesday evening, halting the Tether-rial market daily from 9:00 PM to 9:00 AM Tehran time. Major exchanges have set varying schedules for the duration of these temporary rules.
Nobitex announced that its restrictions would run through Sunday, October 4. Meanwhile, Wallex stated that its rules would remain in place until the end of Saturday, October 3, with nighttime closures lifting on the morning of Sunday, October 4.
Both platforms confirmed that other account services and user access to personal assets remain functional. The notices do not impose a general freeze on balances or ban the outright holding of the stablecoin.
Exchanges Alter Trading Features and Order Books During Suspension
Operations vary across the two major Iranian exchanges during the suspension window. Wallex reports that deposits and withdrawals for Tether will stay available, though users cannot register new orders in the affected market during closure hours.
Nobitex has taken additional steps by hiding the Tether-rial market chart and cutting its margin multiplier down to one. Margin trading allows users to borrow funds from a platform to take positions larger than their actual capital. Nobitex warned users that automated liquidation of open positions might continue during the shutdown, whereas Wallex stated it would suspend liquidations until trading resumes in the morning.
Curbing Parallel Exchange Speculation via Tasnim
The semi-official Iranian news agency Tasnim connects the nighttime restrictions to the influence of Tether trading on informal foreign exchange expectations. The agency reports that reining in cryptocurrency activity could reduce speculative behavior and price signals that drive up expectations for foreign currencies in the parallel market.
Tether itself was launched in 2014 and is issued by Tether Limited, a company registered in the British Virgin Islands. The issuer states that its tokens are backed by cash, cash equivalents, and other assets. Despite this backing, local rates can swing in both directions based on domestic exchange conditions.
Central Bank Restrictions on Direct and Indirect Bank Financing
These platform-level rules follow a circular issued by the Central Bank of Iran on September 30. The directive prohibits banks and their digital units from granting direct or indirect financing for purchases of gold, foreign currencies, and digital currencies.
The central monetary authority instructed local lenders and credit institutions to monitor loan utilization closely and prevent resources from fueling speculative or non-productive activities, warning that responsible departments will face penalties for non-compliance.
Unresolved Market Impact on Exchange Rates
Digital asset platform notices do not provide empirical data measuring how the trading restrictions have influenced actual prices or overall transaction volumes. Consequently, the ultimate effect of these measures on the Tether market and its correlation with broader exchange rate volatility remains unmeasured.
