Iranian Authorities to Ban Crypto Exchanges

New wave of government censorship spread on the cryptocurrency in the country
04 July 2018   574

Presumably, since May of this year, Iranian users are experiencing problems with access to crypto exchanges and other exchange platforms, Coindesk reports.

In particular, there are difficulties with access to Binance, Blockchain and LocalBitcoins, even when using VPN and other methods.

One of the Iranian enthusiasts, on condition of anonymity, told that it was all about new sanctions that would be imposed on the country in August and November.

Many people are using it [bitcoin] as a hedge instrument because buying BTC is easier than going into the black market to buy yourself US dollars.

Iranian Crypto Enthusiast

Another factor that spurred the Iranians' interest in crypto-currencies - annual inflation of rial reached 127 percent.

Most experts agree that the economic situation forces the Iranian authorities to restrictions on crypto-currencies. So, in April, as part of the anti-money laundering program in Iran, financial institutions were prohibited from working with cryptocurrencies. In May, the head of the economic committee under the Iranian government, Mohammed Reza Purbrahimi, warned the currency traders about the harm to the country's economy if they continue to spend billions of dollars on international sites.

Now, without warning, official Tehran has started a policy of restricting access. Anonymous sources also report that the government is inspecting user traffic with the help of tools for deep packet analysis. Thus, it plans to block access to exchanges even with the help of VPN.

Another source says the ban on the purchase and sale of cryptocurrency for rials, although people continue to do it in face-to-face meetings. When he was asked to describe the mood among the enthusiasts of cryptocurrency in Iran, he replied in one word: "Uncertainty."

All these events mark a sharp turn for the country that was on the verge of a cryptocurrency boom (in 2017 CoinDesk published a report according to which the Iranians believed in support of the crypto currency by the government). Moreover, just as in February of this year, blockchain startups worked actively with Iranian regulators to legalize cryptocurrency in the country.

Bitfinex to List BCH' Chain Split Tokens

Bitfinex warned that support for BAB and BSV could be temporary
14 November 2018   56

The Hong Kong cryptocurrency exchange Bitfinex has listed the so-called Chain Split tokens for the two implementations of the Bitcoin Cash protocol. Bitcoin Cash hardfork is planned on 15th of November.

BAB [Bitcoin ABC client] and BSV [Bitcoin SV client] tokens will be traded in pairs with Bitcoin and the US dollar. The Token Manager tool will allow users to convert their Bitcoin Cash into one of the tokens. This process is reversible, Bitfinex emphasized. At the same time, marginal trade in tokens will be unavailable.

After snapshot of the network, the corresponding coins will be automatically converted into BAB and BSV onchain tokens, and all current Bitcoin Cash holders will receive an equivalent number of coins. However, if the user has a short BCH position at the time of the snapshot, the margin will be canceled, and the borrower, if he does not have enough tokens, will have to cover the negative balance sheets until December 31.

Bitfinex also warned that support for BAB and BSV could be temporary, and that as soon as all negative balances were covered, the exchange could delist them, allowing limited time for withdrawal.