Binance Helped Iran Trade $8 Billion To Bypass Sanctions

It was reported on November 4 that since 2018, Binance has processed approximately $8 billion worth of transactions for Iranian firms to bypass U.S. sanctions. A review of data from a US blockchain researcher Chainalysis found that almost all of the $8 billion funds were processed between Binance and Iran’s largest cryptocurrency exchange, Nobitex. Three-quarters of the transactions were in a relatively low-profile cryptocurrency known as “Tron”, where users can choose to conceal their identities. According to industry data, Binance is the biggest market for trading Tron, which has been largely unnoticed by cryptocurrency trackers. Chainalysis, the market leader used by US government agencies, only began fully supporting the tracing of Tron this May. The data also reveals that a noticeable $5 billion of these transactions were through intermediary layers. Regulators said this “indirect” flow is a red flag for cryptocurrency exchanges, indicating possible money laundering and sanctions evasion. The US Department of Justice is currently investigating all possible violations of money laundering rules by Binance. Lawyers and trade sanctions experts say the transactions put the company at risk of violating the U.S. ban on doing business with Iran under the Iranian Transaction Regulations (aka the “ITR”).

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