Iran Stock Exchange CEO Loses Job for Illegal Crypto Mining Under His Watch

Ali Sahraei, chief executive of the Tehran Stock Exchange, has submitted his resignation after cryptocurrency mining machines were uncovered in the building occupied by the organization. Media reports of the illegal mining operation at the market’s offices were initially denied by the exchange. It only admitted to having launched an “investigation and research project” related to the liquidity outflow towards crypto assets in 2020.

According to another statement, quoted by the state-run Mashreq News, an internal inspection came across several mining devices that were allegedly operated by the stock exchange. “During the investigation, we found that the activity was not fully recorded and disclosed in the reports and by the accounts of the company,” the announcement details. As news of these findings broke on Iranian media, Ali Sahraei told ISNA news agency:

To offer an opportunity for more investigations about cryptocurrency mining at the stock exchange and to help the stability of the markets, I offered my resignation to the board of directors, which accepted it.

However, according to the Iran International news portal, the country’s official news agency, IRNA, has presented a different description of the events. Its report on the mining scandal, quoted by the English-language edition, claims Sahraei has actually been fired from his position at the Tehran Stock Exchange Market.