Binance Iran Crypto Trading Us Sanctions Ban

Binance, the world’s largest crypto exchange by daily trading volumes, continued to allow trading by Iran-based clients despite US sanctions as well as a self-announced ban by the company on trading in the region. Seven traders told Reuters that despite the sanction and ban, Binance continued to process transactions as recently as September 2021. In 2018, the United States reapplied sanctions against Iran after having been suspended three years earlier. In November 2018, Binance announced that it would not allow trading in Iran, asking traders to liquidate their accounts.

According to a Reuters investigation, seven Iranian crypto traders said they continued to use Binance to transact until September last year. All they had to do was register with an email address and they could transact. It was only after Binance severely cracked down on anti-money laundering processes on its platform last year that traders were unable to make further transactions.

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Besides the aforementioned traders, eleven others have been found to trade crypto on Binance, according to their LinkedIn profiles.

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“There were alternatives, but none were as good as Binance. It didn’t need ID verification, so we all used it,” trader Asal Alizade told Reuters.

Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any loss arising from such transactions. Cryptocurrency is not legal tender and is subject to market risk. Readers are advised to seek expert advice and carefully read the offering document(s) and related material material on the subject matter before making any type of investment. Cryptocurrency market forecasts are speculative and any investment made will be at the sole cost and risk of the readers.

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