Binance Cryptocurrency Exchange Serves Iranians bypassing sanctions

Reuters has continued its investigation into Binance-nezakonno-obslugovuvala-meshkancziv-iranu-vprodovzh-2-rokiv/">Binance’s activities in Iran. The new investigation concerns the processing of payments from Iranian firms — according to journalists, representatives of the crypto exchange «helped make Iranian money not Iranian».

A brief summary of the investigation:

• 7.8 billion passed through the largest crypto exchange in Iran — Nobitex
• The information emerged during the US Department of Justice’s investigation against Binance
• Binance says it is not subject to US jurisdiction, but has «taken proactive steps» to limit its own access to the Iranian market

Blockchain data shows that since 2018, Binance has probably helped Iran «pump» 8 billion to circumvent sanctions (aimed at cutting Iran off from the global financial system). Almost all the money went through the largest Iranian exchange, according to investigators from Chainalysis. The Nobitex exchange offers instructions for users on its website on «how to circumvent sanctions.»?

Three quarters of the Iranian money that passed through Binance was in the cryptocurrency Tron, which allows users to hide their identity. Tron was positioned by the exchange as «the best means to hide transactions and circumvent sanctions.»

«These transactions put the company in a risky position, as it could get into trouble for not complying with US law on doing business with Iran,» said lawyers and trade sanctions experts.