Binance accused of transactions in sanctioned Iran

Binance, the world’s largest cryptocurrency exchange, may be in trouble after it surfaced that the company serviced clients based in Iran, despite the latest ream of sanctions imposed on the country by the US.

A Reuters investigation looked into the details and established that at least seven customers have operated out of Iran using Binance following the reimposition of sanctions.

The US reintroduced the sanctions in 2018 as a response to a tougher stance on the country by former President Donald Trump.

Following the sanctions in 2018, Binance confirmed that it would no longer do business with customers based in the country. However, the seven interviews that Reuters conducted confirmed that consumers had been able to skirt sanctions using Binance.

Binance eventually tightened its anti-money laundering control, which is understood to have lead to at least one of those consumers losing their access.

However, it seems that six of them still had access to Binance and its products according to their own testimony.

Some people came forward on LinkedIn profiles and confirmed that they had been able to use cryptocurrencies through the exchange.

Reuters tried reaching out to Binance, but the company has not been able to provide any information.

This comes as scrutiny on the cryptocurrency sector toughens. The war in Ukraine brought out fears that sanctioned regimes may attempt to circumnavigate sanctions, prompting the US and a global alliance to take a closer look at whether it’s possible to dodge financial restrictions through the use of cryptocurrencies and with the aid of exchanges.

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Source

Updated: 07/12/2022 — 09:00