Traders say crypto exchange Binance has evaded Iranian sanctions for years

DrAccording to Reuters information, the world’s largest cryptocurrency exchange, Binance, has been trading clients in Iran for years, despite US sanctions. In interviews with Reuters news agency, seven traders said they circumvented the ban. As of September, they were still using their Binance accounts.

Their access was only lost when the cryptocurrency exchange tightened anti-money laundering measures. Up to this point, according to traders, clients can trade on the platform simply by registering with an email address.

Four years ago, the United States unilaterally withdrew from the 2015 nuclear deal with Iran under then-President Donald Trump. As a result, Iran is no longer in compliance with all terms of the agreement. The nuclear deal aims to prevent Iran from building nuclear weapons.

Four years ago, traders were supposed to close their accounts

Iran has long denied such intentions. In November 2018, Binance notified merchants in Iran that the services were no longer available to them. So they should close their accounts. “There were some alternatives, but none of them were as good as the Binance platform,” said a Tehran-based trader who asked Alizadeh of the crypto exchange. I used the exchange for 2 years until September 2021.

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