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, 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.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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