![]() As a result of these efforts, including real-time transaction monitoring in coordination with external vendors, between June of 2021 and November of 2022, Binance's exposure to Iranian-linked entities has seen an exponential decline." We are continually updating processes and technology as we learn about new risks and potential exposures. Hillmann said in the Binance statement that the company requires full "Know Your Customer" checks for all users "and residents of Iran are prohibited from opening or maintaining an account. Since Zhao's tweet in July, Binance has processed around $80 million in Iranian trades. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian exchanges, according to the Chainalysis data, which runs to November of this year. In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. ![]() Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun. ![]() Nobitex didn't respond to questions for this article. However, we have taken proactive steps to limit our exposure to the Iranian marketplace," working with industry partners and internal tools.īinance declines to give details of the location or the entity behind its exchange. company, unlike other platforms that have exposure to these same U.S. In a statement, spokesperson Patrick Hillmann said, " is not a U.S. The exchange's billionaire founder, Changpeng Zhao, tweeted: "Binance banned Iranian users after sanctions, 7 got missed/found a workaround, they were banned later anyways."īinance didn't answer detailed questions about the new transactions uncovered by Reuters. The day of that article's publication, Binance said in a blog post that it follows international sanctions rules on Iran and blocks access to the platform to anyone based there. It was one of a series of Reuters investigations into Binance's troubled history with financial regulatory compliance. In July, Reuters revealed that Binance continued to serve clients in Iran and that the exchange's popularity in the Islamic republic was known inside the company. prohibitions on doing business with Iran, lawyers and trade-sanctions experts said. The transactions put the company at risk of falling afoul of U.S. Justice Department is pursuing an investigation into possible violations of money-laundering rules by Binance, which dominates the $1 trillion crypto industry, with over 120 million users. The scale of Binance's Iranian crypto flows – and the fact that they are continuing – has not been previously reported. ![]() In a blog post last year, Nobitex encouraged clients to use Tron - a mid-tier token - to trade anonymously without "endangering assets due to sanctions." Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities. ![]()
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