Reuters reports that since 2018, Binance has processed $8 billion worth of transactions for Iranian companies, ignoring financial and trade sanctions imposed by the United States.
According to analytics platform Chainalysis, most of the transactions in question were between Binance and Nobitex, Iran’s largest cryptocurrency exchange, which provided advice on how to avoid sanctions.
Three-quarters of the transactions processed by Binance were in the cryptocurrency TRON (TRX), which Nobitex recommended for trading anonymity.
Responding to the allegations, Binance spokesman Patrick Hillmann noted that “Binance.com is not a U.S. company, unlike other platforms that are associated with the same entities that are under U.S. sanctions. However, the company is taking steps to limit its presence in the Iranian market.
As a reminder, in 2018, the Trump administration announced that the U.S. was pulling out of the nuclear deal with Iran and reimposing sanctions on the Islamic Republic, warning that anyone who trades with it would not be able to do business with the United States.
In July 2022, Reuters discovered that the exchange was still working with Iranian users. At the time, Binance responded that it strictly complied with international sanctions rules and used bank-level tools to prevent sanctioned individuals from using its platform.
Interestingly, back in March 2021, the Center for Strategic Studies under the Iranian president urged the country to accept bitcoin and other cryptocurrencies to circumvent international sanctions.
Judging by the fact that the first international transaction paid for in cryptocurrencies took place in August, the country’s leader was listened to most carefully.
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