Despite being Blocked, Binance Still Helped Iran Trade $8 Billion


 Crypto exchange giant Binance managed to help Iran's largest crypto exchange, Nobitex process transactions worth $8 billion since 2018 despite the United States (US) blocking the country from the global financial system.

It is understood that three-quarters of funds through Binance are in Tron following Nobitex encouraging investors to use the digital asset as it is allowed to trade anonymously.

Nevertheless, the Chief Executive Officer (CEO) of Binance, Changpeng Zhao insisted that he has always complied with international sanctions on Iran despite the US accusing the company of offering services in Iran.

Although Binance says customers are not allowed to open accounts and use its services without identification, the company has processed $1.05 billion from Nobitex and other Iranian exchanges.

In fact, over 1.15 million direct transfers have been made between Binance and Nobitex in Tron since April 2020 via wallet addresses and unique identification numbers.

Meanwhile, Binance is also under investigation by the US Department of Justice to determine if the company violated US anti-money laundering laws related to Iran.

Therefore, the department ordered Binance to provide records of documents related to its compliance program as well as the transfer of crypto funds in the country of Iran.

To be clear, most of the $8 billion in Iranian crypto transactions involved Binance, but the Binance.US platform also processed $1.5 million worth of crypto transactions from Iranian exchanges Nobitex, Wallex and Tether Land.

On the other hand, Nobitex's main goal is to allow all Iranians to invest in crypto even though the restrictions have affected the country's ability to do business with the outside world.