Binance has processed about $8 billion worth of Iranian user transactions despite US sanctions aimed at shutting Iran off from the global financial system.
According to chainalysis, the US sanctions imposed against Iran have not prevented clients of the Iranian crypto asset exchange Nobitex from 2018 from freely making cryptocurrency transactions through the accounts of the Binance exchange. Moreover, detailed instructions were given on the Nobitex website on how Iranian users can avoid possible blocking.
In particular, three-quarters of the Iranian assets that passed through Binance were invested in Tron (TRX), which allowed users to remain anonymous when trading. U.S. Department of Justice lawyers and trade sanctions experts have warned Binance that the identified transactions expose the company to the risk of violating U.S. laws.
In July, Reuters also reported that Binance was still serving Iranian clients. However, the exchange denied the accusations, citing their irrelevance. Binance spokesperson Patrick Hillmann stated:
“Unlike other platforms that are associated with companies under US sanctions, Binance.com is not a US firm. However, we have taken all measures to reduce our presence in the Iranian market using internal resources and business partners.”
Hillmann specified that by November 2022, Binance’s cooperation with Iranian companies had declined exponentially, including due to the introduction of mandatory user identification procedures and real-time transaction monitoring.
Earlier, the Binance cryptocurrency exchange announced the start of cooperation with the French crypto wallet operator Ledger. According to the exchange, owners of physical Ledger wallets such as Nano S or Nano X will be able to buy cryptocurrencies directly from their Ledger Live app.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
