The Iranian Coin Nick Market exchange, which has been in operation for 3 years, announced that it plans to end its activities. In the announcement of Coin Nick Market, the weakness of legislation in Iran and the risks of keeping customers’ assets in these conditions are the main reasons for the impasse in the activities of this exchange.
According to Mehen Blockchain, an Iranian cryptocurrency exchange Coin Nick Market On the 12th of December, by publishing an official statement, he announced the suspension of all his activities until the end of 1401. At Statement published by this exchange The legal vacuum and the disappointment of the managers of this exchange regarding the identification of the legislative task of the crypto field in Iran are the main reasons for the decision to stop the activity.
We came to the conclusion that it is useless to negotiate and talk about cryptocurrency legislation and it only increases the burden of our responsibility due to people’s trust. For years, it has only been announced that they are conducting a legislative review in this area. But even after all this time, we have not seen any results from these reviews. Finally, we came to the conclusion that according to the legislative conditions, it would be better if we were not.
Also, in this announcement, we read about the effects of restrictive laws on the activity of this exchange:
There are always more problems, problems that are beyond our control. They did not offer new payment gateways. They gave this excuse. They gave the excuse of lack of legislation. Recently, they have created a limit for Riyal payments at the portals. Currently, in every institution and office, there is a digital economy or cryptocurrency committee that has no output.
At the end of the announcement Coin Nick Market Regarding the responsibility of keeping customers’ property in unclear legal conditions and its effect on the decision to stop the activity by this exchange, it is stated:
Finally, with the current situation and considering that keeping people’s assets on the Coin Nick Market platform in a situation where there is no clear law has created a very big risk for us and our customers, we have decided that despite all the difficulties that we have to grow this We had decided to stop the operation of Coin Nick Market.
Of course, it is mentioned at the end of the announcement, considering that the assets of the users in OTC transactions do not remain in trust with them, they try to “continue to operate as OTC as long as they can”. In this case, no more detailed information has been provided until the time of writing the news.
At the end of the announcement of the cessation of activity of Coin Nick Market in the case The mechanism of stopping the activity and assignment of users’ assets The following are mentioned in this exchange:
- Tomani and cryptocurrency deposits will be stopped within the next 24 hours (until the end of December 13) and cryptocurrency addresses in your wallet are not valid for depositing. After this date, Coin Nick Market has no responsibility regarding the deposit to these addresses.
- Trading is not possible after 20/10/1401 and all open orders of users will be canceled.
- It is possible to withdraw assets automatically through the Coin Nick Market application and website until 10/30/1401, and after this date, the new process for unwithdrawn assets will be announced later.
- As of 12/28/1401, Coin Nick Market will stop all its activities and will not have any responsibility for unclaimed assets or user support, etc.
Coin Nick Mocket exchange conditions are understandable for many startups active in the crypto field. The pessimistic and sometimes coercive attitude of the banking system and the legislators and the government to the crypto space, along with the restriction of internet access by various institutions, has made the difficult conditions of operating in the Iranian economy a hundred times more difficult for many companies, and if these policies continue, it is not unlikely that many companies Other babies will suffer the same fate.