Binance is said to have assisted Iranian enterprises in evading sanctions and trading billions of dollars

By    26 Nov,2022

The cryptocurrency sector is becoming increasingly involved in current geopolitical complexities. Binance, a major cryptocurrency exchange, reportedly assisted Iranian firms in avoiding sanctions.

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Indeed, despite US financial and trade sanctions, Binance appears to have processed $8 billion in transactions involving Iranian entities since 2018, according to Reuters’ Angus Berwick and Tom Wilson on November 4.


According to data retrieved from blockchain and crypto analytics platform Chainalysis, the majority of the transactions in question took place between Binance and Iran’s largest crypto exchange, Nobitex, which offers guidance on how to avoid sanctions.


Three-quarters of all relevant transactions processed by Binance were in TRON (TRX), which Nobitex suggested for anonymous trading without “endangering assets owing to penalties,” according to the study.


Binance’s response, as well as past findings

Binance’s spokesperson Patrick Hillmann responded to these charges by saying:

“Binance.com is not a U.S. company, unlike other platforms that have exposure to these same U.S. sanctioned entities. However, we have taken proactive steps to limit our exposure to the Iranian marketplace.”


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