Binance Response To Allegations Of Helping Iranian Companies Trade $8 Billion Despite Sanctions

According to Reuters, Binance has defied US bans and helped Iranian companies process $8 billion since 2018. However, the exchange responded as soon as it detected interactions with some nexuses based in Iran. Fund transfer freeze, account lockout has been done.

November 4, according to Reuters, blockchain data shows that the largest crypto exchange has processed $8 billion since 2018, despite US sanctions aimed at cutting Iran off from the global financial system with Iran.

According to Chainalysis data, nearly all of the money (about $7.8 billion) flows between the largest exchange and Nobitex, Iran’s largest cryptocurrency exchange. Nobitex provides guidance on how to circumvent sanctions on its website.

According to Reuters, three-quarters of Iran’s funds go through this exchange as Tron, and Nobitex encourages customers to use Tron for anonymous transactions without “affecting assets due to sanctions.”

Data reviewed by Reuters shows that since 2018, a total of about $2.95 billion in crypto has been transferred directly between Iranian exchanges and Binance. Another $5 billion in crypto was transferred between the Iranian exchange and Binance through an intermediary layer.

According to Chainalysis data, Nobitex users started transferring Bitcoin via Binance in April 2018. Since August 2020, Tron trading volume between Nobitex and Binance has spiked. Data shows that as recently as October of this year, $20 million in Tron flowed directly between the largest exchange and Nobitex.

Immediately after receiving the information, Binance immediately responded to inquiries. The shared exchange discovered that Binance was interacting with a number of nexuses based in Iran. “Nexus” is a fancy term used in the sanctions world to say that users of these Iran-based crypto exchanges attempted to move crypto through Binance’s exchange. The freezing of the money transfer, the account lockout took place as soon as possible.

Recently, Binance has been working hard on legal compliance. The exchange’s global law enforcement training program was launched on September 27. It is the industry’s first globally coordinated effort, a program designed to help law enforcement financial and cybercriminal detection laws as well as assisting in the prosecution of bad guys who exploit digital assets.

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