Despite US sanctions prohibiting conducting business there, Binance executed trades from clients in Iran. The world’s largest cryptocurrency exchange allegedly disregarded US sanctions against Iran in 2018 and Binance’s decision to stop doing business there the same year, according to a Reuters report. Instead, the exchange continued to support Iranian cryptocurrency traders. Seven traders have come forward and said that they continued to use their Binance accounts up until September 2021 and that they were only denied access after the business intensified its anti-money laundering checks.
Seven traders were reportedly interviewed by Reuters and apparently admitted to the news organisation that they got over Binance’s inadequate compliance checks and carried on trading there until September of last year.
According to attorneys consulted by the news organisation, Binance may run into issues with the US because of its claimed failure to adhere to US sanctions. In particular, the US can deny the corporation access to its financial system as retaliation for assisting Iranians in evading its trade embargo.
According to a Reuters investigation, the largest cryptocurrency exchange in the world, Binance, acted as a conduit for at least $2.35 billion in criminal cash over five years.
