Funds have apparently flowed to Iranians through the largest platform for cryptocurrencies, Binance, despite the US sanctions imposed on Iran. “Earlier this week, we discovered that Binance was interacting with ‘bad actors’” using Iranian cryptocurrency exchanges, said Chagri Poyraz, head of the Sanctions Division.
By validating transactions with Iranian websites, Binance runs the risk of US sanctions-affected individuals or entities being able to transfer funds. Some users were trying to “move cryptocurrency through the Binance exchange,” Poyraz said on the company’s website. Once the company discovered this, it “frozen wire transfers (and) suspended accounts.”
There are currently no Iranian cryptocurrency platforms that are subject to sanctions. But the restrictions imposed by the US prohibit US companies or US citizens from selling goods and services to Iranian residents, companies or institutions. This ban also includes financial services.
$7.8 billion transferred
About $7.8 billion has been transferred through Binance, linked to accounts on Iran’s most widely used platform, Nobitex, according to Reuters news agency. When asked by the AFP news agency about the number of these accounts and the amounts involved, Binance initially declined to comment.
The cryptocurrency platform was founded in 2017 by a Chinese-Canadian entrepreneur, but moved its operations from China to Bahrain, Dubai, Paris and the Cayman Islands due to Chinese regulations.
Washington has imposed sanctions on Iran since 2018. In mid-October, Washington issued new sanctions against Iranian officials for their role in suppressing protests following the death of 22-year-old Kurdish woman Mahsa Amini. She died on September 16 in police custody in Tehran.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
