Binance found to have helped Iranians transact funds despite sanctions

						Array
(
    [classic-editor-remember] => Array
        (
            [0] => classic-editor
        )

    [_edit_lock] => Array
        (
            [0] => 1667838806:19
        )

    [_edit_last] => Array
        (
            [0] => 19
        )

    [_thumbnail_id] => Array
        (
            [0] => 17758
        )

    [_wp_page_template] => Array
        (
            [0] => default
        )

    [_prlipro-post-options] => Array
        (
            [0] => a:3:{s:14:"requested_slug";s:0:"";s:19:"hide_social_buttons";b:0;s:20:"disable_replacements";b:0;}
        )

    [_bsf_post_type] => Array
        (
            [0] => 0
        )

    [_bsf_item_review_type] => Array
        (
            [0] => none
        )

    [_yoast_wpseo_focuskw] => Array
        (
            [0] => Iran
        )

    [_yoast_wpseo_metadesc] => Array
        (
            [0] => A new report by Reuters and Chainalysis confirms that Binance has transacted funds to Iranian crypto exchange Nobitex.
        )

    [_yoast_wpseo_linkdex] => Array
        (
            [0] => 55
        )

    [_yoast_wpseo_content_score] => Array
        (
            [0] => 60
        )

    [_yoast_wpseo_estimated-reading-time-minutes] => Array
        (
            [0] => 2
        )

    [_yoast_wpseo_wordproof_timestamp] => Array
        (
            [0] => 
        )

    [post_introduction] => Array
        (
            [0] => A new report by Reuters and Chainalysis confirms that Binance has transacted funds to Iranian crypto exchange Nobitex.
        )

    [_post_introduction] => Array
        (
            [0] => field_5e8bb40d3036a
        )

    [time_to_read] => Array
        (
            [0] => 2 mins read
        )

    [_time_to_read] => Array
        (
            [0] => field_5ea04c4ba2fca
        )

    [in_summary] => Array
        (
            [0] => 
        )

    [_in_summary] => Array
        (
            [0] => field_62542d4010cad
        )

    [_yoast_wpseo_primary_category] => Array
        (
            [0] => 7
        )

    [_yoast_wpseo_primary_countries] => Array
        (
            [0] => 5037
        )

    [ppma_authors_name] => Array
        (
            [0] => Alex
        )

)

Updated November 7, 2022 | Published November 7, 2022

2 mins read

A new report by Reuters and Chainalysis confirms that Binance has transacted funds to Iranian crypto exchange Nobitex.

Cryptocurrency exchange Binance participated in the transaction of funds worth up to $8bn by Iranians in 2018, according to Reuters.

According to the publication, this was done despite sanctions placed on the country by the US, which aimed to limit Iran’s exposure to financial markets, and cut its own system completely from the rest of the world.

The funds were transacted between Binance and Iran’s own cryptocurrency exchange, Nobitex.

This has been confirmed in a report by Chainalysis, which Reuters cited. The analytics firm confirms that Nobitex has been used to skirt sanctions.

The funds that moved through Binance mostly had to do with the Tron token, which is a fairly small token, and it has the option to be used anonymously, hence why the transactions only became evident four years after the fact.

There have been rumors regardless with Binance suspected of assisting Iran’s exchange in some capacity before, but without any actual proof.

However, this is the first actual confirmation of this being indeed the case. This could jeopardize Binance’s own positions in the US.

The company recently helped Elon Musk buy out Twitter and has been put on the special advisory council created by the tech mogul to oversee the deep reforms in the social media platform that began instantly as Musk closed the deal.

Should the US Department of Justice decide, it could see Binance’s actions as requiring further enforcement action.

Reuters reported in July that Binance could have been a popular exchange in Iran even before the Chainalysis report, and said that the company was aware that Iranians saw Binance as a trusted and reliable platform.

However, Binance has vehemently denied any and all allegations that it had knowledge of the matter and assured that it is following international rules to the letter.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
Best Casinos to play with…
Bitcoin
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
The Ledger: Crypto criminals face pressure, new regulation rolls in
The Ledger: Kraken launches crypto bank, TSM has new sponsor

Similar News

crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 4765
            [name] => aavegotchi
            [slug] => aavegotchi
            [term_group] => 0
            [term_taxonomy_id] => 4765
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 2
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1671
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 5304
            [name] => ICO
            [slug] => ico
            [term_group] => 0
            [term_taxonomy_id] => 5304
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 7
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 8275
            [name] => initial coin offering
            [slug] => initial-coin-offering
            [term_group] => 0
            [term_taxonomy_id] => 8275
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 8274
            [name] => Pixelcraft
            [slug] => pixelcraft
            [term_group] => 0
            [term_taxonomy_id] => 8274
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

)

Pixelcraft studios raises $30m in token sale

21/03/2023|18:30

Pixelcraft Studios, creator of the decentralized finance and NFT crypto pets experience Aavegotchi, has announced the completion of a multi-year...
crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 181
            [name] => Blockchain
            [slug] => blockchain
            [term_group] => 0
            [term_taxonomy_id] => 181
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 884
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1671
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 4804
            [name] => gaming
            [slug] => gaming
            [term_group] => 0
            [term_taxonomy_id] => 4804
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 52
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 8273
            [name] => Paavan Nanda
            [slug] => paavan-nanda
            [term_group] => 0
            [term_taxonomy_id] => 8273
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 5510
            [name] => web3
            [slug] => web3
            [term_group] => 0
            [term_taxonomy_id] => 5510
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 46
            [filter] => raw
        )

    [5] => WP_Term Object
        (
            [term_id] => 8272
            [name] => Winzo
            [slug] => winzo
            [term_group] => 0
            [term_taxonomy_id] => 8272
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

)

Winzo to invest $50m in global gaming ecosystem

21/03/2023|17:30

Indian social gaming platform Winzo has announced a $50m fund to invest in the global gaming ecosystem. The new fund...
crypto 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 4513
            [name] => crypto
            [slug] => crypto
            [term_group] => 0
            [term_taxonomy_id] => 4513
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1671
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 5552
            [name] => crypto ads
            [slug] => crypto-ads
            [term_group] => 0
            [term_taxonomy_id] => 5552
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 5
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 8271
            [name] => Financial Services and Markets Authority
            [slug] => financial-services-and-markets-authority
            [term_group] => 0
            [term_taxonomy_id] => 8271
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 1026
            [name] => regulation
            [slug] => regulation
            [term_group] => 0
            [term_taxonomy_id] => 1026
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 660
            [filter] => raw
        )

)

Belgium strengthens rules for crypto ads

21/03/2023|16:30

Belgium’s financial regulator, the Financial Services and Markets Authority (FSMA), has toughened up the rules on promoting cryptocurrency products. Firms...