One of the world’s largest cryptocurrency exchanges, Binance, continued to process customer transactions in Iran despite US sanctions and a ban on doing business in that country, Reuters has learned.
In March, after the imposition of Western sanctions against Russia, the cryptocurrency exchange declared that it “strictly complies with international sanctions.”
The United States imposed sanctions on Iran in 2018, the exchange notified local traders that it would not service the accounts and offered to liquidate them. Seven clients of the exchange told the publication that they circumvented the ban.
Clients continued to use their accounts until September 2021. They lost access only because in August last year, Binance tightened controls for money laundering.
Previously, only email was required to sign up and only VPN was needed to access.
Eleven other people in Iran, in addition to those interviewed by Reuters, said on their LinkedIn profiles that they traded crypto on Binance after the 2018 ban, but declined to comment on the situation.
Lawyers interviewed by the publication believe that Binance is at risk of secondary sanctions, which are aimed at preventing foreign companies from doing business with organizations under sanctions. Such restrictions may deprive the company of access to the US financial system.
In April, Binance announced “strict compliance with international sanctions” and announced that it would restrict access to its services to users who live in Russia and hold assets worth more than €10,000.
Author:
anastasia mariana
Source: RB
I am Bret Jackson, a professional journalist and author for Gadget Onus, where I specialize in writing about the gaming industry. With over 6 years of experience in my field, I have built up an extensive portfolio that ranges from reviews to interviews with top figures within the industry. My work has been featured on various news sites, providing readers with insightful analysis regarding the current state of gaming culture.
