The Ministry of Interior of the Islamic Republic has suspended the Iran Blockchain Association (IBA). The measure comes after the organization allegedly breached government regulations. IBA unites participants in the country’s growing crypto sector who are engaged in blockchain technology development.
Iranian Authorities to Review IBA Dealings With Crypto Exchanges
The Iranian government has moved this week to block activities of the Iran Blockchain Association, the Financial Tribune business daily reported on Sunday. The Ministry of Interior banned the prominent crypto industry organization following various accusations including that the IBA was operating against its own articles of association.
According to a notice published by the Persian-language newspaper Hamshahri Online on Wednesday, IBA was also ordered to submit detailed reports about its financial performance and activities to Iran’s Social Affairs Organization. The government is particularly eager to learn more about the association’s interactions with cryptocurrency exchanges, the publication revealed.
Earlier in June, a member of the Iranian parliament, Rahim Zare, accused “domestic NGOs involved in cryptocurrencies” of transferring foreign currency overseas, without providing any evidence to support the claim. IBA strongly denied any wrongdoing stating that its efforts were focused on promoting blockchain technology development.
Established in 2017, the Iran Blockchain Association operates as a nonprofit and self-governing body of entrepreneurs, experts and activists involved in the blockchain industry. One of its key priorities is to spread awareness among Iranians and prevent losses from cryptocurrency scams. The association stated:
if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); }Informing people and the authorities on risky websites and fraud cases is among IBA’s objectives.
