Binance Evaded US Sanctions To Serve Iranian Crypto Traders

Binance has been dealing with global regulators’ scrutiny lately. Meanwhile, the latest investigation has found out the world’s largest crypto exchange worked against the US imposed sanctions on Iran.

Traders used Binance to evade sanctions

As per a report by Reuters, Binance didn’t stop its trading service for its clients in Iran. This happened at a time when the US pressed sanctions and a company ban on doing business in the country.

In a series of interviews, traders mentioned that they evaded the restrictions as they continued to use their Binance accounts. They had access to it till September 2021. However, trailers lost access after the exchange harden its policies against money laundering. Till then the users were able to trade on the platform just by registering with their email address.

Back in 2018, the United States reimposed sanctions against Iran over its nuclear deal. These limitations were called in after the suspension of three years. The exchange notified the Iranian users that it would no longers provide service late in November. It also asked them to liquidate their accounts.

Exchange didn’t need required identity verifications

As per the report, a trader from Tehran mentioned that there were other alternatives however, none of them were as good as the Binance. He added that the exchange didn’t need identity verification. It also states that the other eleven Iranian users shared that they were also trading in crypto on Binance after the 2018 imposed ban.

Meanwhile, the exchange was aware of its popularity in Iran as senior employees knew and joked about it. It claims that one of them wrote “IRAN BOYS” in reply to the data showing their demand on Instagram in Iran.

However, in a blog post released in March in reply to imposed restrictions on Russia, Binance said that it follows the international sanctions strictly.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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