Nobitex Suspends Tether/Toman Market Amid Iran Airstrikes, Triggers Liquidity Crisis & User Exodus

Iran's largest cryptocurrency exchange, Nobitex, suspended its Tether/Toman trading pair following US-led airstrikes, citing an "emergency situation" and directives from the Central Bank of Iran. Upon reopening, the exchange acknowledged a "temporary disruption in the supply and demand balance," leading to severe market fluctuations and prices deviating from normal trends. This instability forced the liquidation of user positions priced below 145,000 Tether/Toman. In response to the crisis, Nobitex announced it would review and reverse these liquidations but warned that any voluntary trades below the 145,000 threshold would not be eligible for reversal. The exchange also requested affected users to halt transfers and withdrawals until the review process is complete. Concurrently, users in Iran are reportedly rushing to withdraw their crypto assets from the platform, a move compounded by nationwide internet outages that are slowing down the exchange's operations. This event highlights the extreme volatility and systemic risk within Iran's crypto markets during geopolitical crises, directly linking exchange operations to central bank mandates and military actions.