Binance Allows Access to Iranian Users Despie US Sanctions

Reading time: < 1 minute

Crypto exchange Binance has continued to serve clients from Iran despite US sanctions and the ban on doing business in that country, Reuters has concluded.

The US authorities re-imposed sanctions suspended as part of Iran’s deal with major states to phase out its nuclear program in 2018.

In November of the same year, Binance informed local traders that it would no longer serve them and suggested they liquidate their accounts.

However, Reuters’ experts have found out that at least seven Iranian clients of the exchange continued to use their accounts until September 2021. According to the investigation, they only needed an email address to register. They only lost access to the platform after Binance tightened its AML checks.

Louis Adams

I am an experienced crypto news writer. I have been in the industry for many years and believe this tech can bring financial freedom to everyone.