Binance Said To Serve Iran Crypto Traders Despite US Sanctions

Seven Iranian crypto traders said that they continued to use Binance to carry out transactions until September last year.

Binance is the largest crypto exchange in the world.

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Binance, the largest crypto exchange in the world in terms of daily trading volumes, continued to allow trades by Iran-based clients despite US sanctions as well as a self-announced company ban on trades in the region. Seven traders told Reuters that despite the sanction and the ban, Binance continued to process trades as recently as September 2021. In 2018, the US reapplied sanctions against Iran after being suspended three years earlier. In November 2018, Binance announced that it won’t allow trading in Iran, asking traders to liquidate their accounts.

As per an investigation by Reuters, seven Iranian crypto traders said that they continued to use Binance to carry out transactions until September last year. All they needed to do was to register with an email address and they were able to carry out trading. It was only after Binance clamped down hard on anti-money laundering processes on its platform last year that the traders weren’t able to carry out further transactions.

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Apart from the abovementioned traders, eleven more were found to carry out crypto trading on Binance, as per their LinkedIn profiles. 

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“There were some alternatives, but none of them were as good as Binance. It didn't need identity verification, so we all used it,” trader Asal Alizade told Reuters.

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