After a raid by the Iranian authorities, Ali Sahraee, the Tehran Stock Exchange‘s chief executive officer since 2018, has reportedly resigned following the discovery of cryptocurrency mining rigs in the building’s basement.
Following the resignation of Sahraee, the Tehran Stock Exchange, or TSE, will be led by market vice president Mahmoud Goudarzi, according to a report from the country’s state-run media, the Islamic Republic News Agency.
The shift in leadership appears to be the outcome of the discovery of “a number of miners” in the basement of the TSE building in the Sa’adat Abad area.
The TSE originally denied the miners’ existence, claiming that the equipment was part of a research study. Executive deputy director Beheshti-Sarsht, on the other hand, later stated that the corporation should be held responsible for its activities.
In May, Iranian President Hassan Rouhani declared that during the summer, Bitcoin (BTC) and cryptocurrency mining would be restricted in order to minimize pressure on the country’s power infrastructure.
It’s unclear when authorities discovered the mining rigs in the TSE basement during a “sudden check,” but the operation appeared to be lawful until the latter week of September.
Authorities raided crypto miners large and small during the ban, confiscating unlawfully functioning miners and fining homes responsible for generating blocks.
The majority of the raids, however, targeted abandoned factories, houses, and small businesses, rather than the country’s largest stock exchange.
Iran’s energy problem has resulted in brownouts and blackouts, with many officials blaming crypto mining for draining the country’s resources.
However, according to a report released in August by the country’s Ministry of Industry, Mine and Trade, some officials’ assertions about crypto miners’ power usage “seem to be grossly inflated.”