CZ Denies Accusations Of Binance Helping Iranian Users Avoid US Sanctions

As CoinCu reported, cryptocurrency exchange Binance is said to have assisted and processed customer transactions in Iran, despite US sanctions and the embargo there. Binance CEO Changpeng Zhao (CZ) spoke up about this information.

In response to the above allegations, Binance Founder and CEO, CZ responded:

Last month, Reuters reported that Binance was a hub for hackers, scammers, and drug dealers, but these claims were immediately refuted by the exchange.

In an effort to curb money laundering on the platform in 2021, Binance has cut the daily withdrawal limit for non-KYC accounts to 0.06 Bitcoin (BTC) instead of 2 BTC. A month later, the exchange announced that users must KYC immediately.

They have recently ramped up hiring, including bringing in Seth Levy, who has been with the US Financial Industry Regulatory Authority for 16 years, FINRA, and Steven McWhirter from the UK’s Financial Conduct Authority plays an important role in the legal department.

Iran has so far struggled with cryptocurrencies. The country ordered all 118 Bitcoin mining companies to close after a spike in energy demand. However, the general situation here is gradually turning in a positive direction, Iran’s tax authorities want to legalize cryptocurrency exchanges in August and the Iranian government has given the green light for the use of crypto in foreign trade since the beginning of this year.

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