Despite sanctions, the cryptocurrency exchange Binance let Iranian businesses transact $8 billion
Join Our Telegram channel to stay up to date on breaking news coverage Blockchain data reveals that cryptocurrency firm Binance has handled $8 billion worth of Iranian transactions since 2018 despite U.S. sanctions aimed at cutting off Iran from the world banking system. According to an Analysis of data from renowned U.S. blockchain researcher Chainalysis, almost all the money—roughly $7.8 billion—flowed between Binance and Iran’s biggest cryptocurrency exchange, Nobitex. On its website, Nobitex provides instructions on how to avoid punishment. Three-quarters of the Iranian assets that went through Binance were invested in Tron, a relatively obscure cryptocurrency that allows users to hide their identities. A mid-tier coin called Tron can be used to trade anonymously without “endangering assets owing to penalties,” according to a blog post published by Nobitex last year. The fresh discoveries coincide with the U.S. Justice Department’s inve...