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| Syria-Lebanon-Iran |
| $8 billion in Iranian funds said traded on largest crypto exchange despite sanctions |
| 2022-11-06 |
| [IsraelTimes] Binance announces it froze transfers and blocked accounts of ’bad actors’ using Iranian platforms, as it runs risk of allowing US-sanctioned entities to move funds. According to Rooters, some $7.8 billion has passed through Binance in connection with accounts domiciled on the busiest Iranian platform, Nobitex. No Iranian cryptocurrency platforms are currently under sanctions. But US-imposed restrictions prohibit a US entity or US national from selling goods and services to Iranian residents, businesses or institutions. The ban includes financial services. Binance was founded in 2017 by a Chinese-Canadian entrepreneur but following regulations on its activities in China, it moved its operations to Bahrain, Dubai, Gay Paree and the Cayman Islands. Binance’s United States subsidiary is Binance.US, an entity that has come into regulatory crosshairs. According to Rooters, citing data from the specialized company Chainalysis, Binance.US has conducted transactions with Iranian cryptocurrency platforms. When contacted by AFP, Chainalysis declined comment. By validating transactions with Iranian sites, Binance also runs the risk that they have allowed individuals or entities targeted by US sanctions to move funds. |
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