Binance Skirts U.S. Sanctions By Taking Iranian Customers

July 11, 2022 12:09 pm

In 2018, U.S. officials imposed sanctions on Iranian crypto traders.

These sanctions, aimed at hobbling exchange-traded activity and crypto investments in the Persian nation, apparently, did little in the way of curbing crypto activity…

According to a recent report from Reuters, Iranian citizens continued to trade regularly on the Binance exchange through 2021 in spite of the U.S. sanctions.

Sources claim that Iranian activity was so pervasive on the platform that Binance staff had running jokes and affectionately referred to Iranian users as ‘Iran boys’.

Much of the activity allegedly took place via VPNs, and Reuters did not find cases of sanctioned individuals in Iran using Binance. Here’s what we currently know:

Gizmodo writes via MSN News:

Reuters also mentioned they found another 11 people in Iran other than those interviewed who on their LinkedIn profiles declared they traded crypto on Binance.

Reuters did not find evidence of any specific individuals who have been sanctioned in Iran using Binance. Still, Iranian crypto traders quoted by Reuters said that while there were other alternatives, “none of them were as good as Binance.”

 

Protos notes:

What’s more, top ranking employees were reportedly aware of the sanction-skirting — even bragging about Binance’s popularity in Iran over Telegram messages.

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