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Binance acknowledges that Iran has used its exchange to evade U.S. sanctions.



On Nov. 4, bitcoin (BTC) and cryptocurrency exchange Binance acknowledged that its platform was used by Iran to transact cryptocurrency, thereby evading U.S. sanctions.

Chagri Poyraz, global head of sanctions at Binance, acknowledged in a statement Who, having learned of the situation, proceeded to blocking of transfers, blocking of accounts and follow the protocol established by the compliance department, the executive said.

“We recently discovered that a flaw in the vendor’s security controls led to a possible link to entities in Iran. Ultimately, the mistakes made by our partners are also our responsibility,” Poyraz said.

For the executive, neither they nor other service providers with digital assets were able to prevent sanctioned individuals from accessing their platforms.. Nevertheless, they are working to develop “extremely robust” customer knowledge protocols (KYC) and investing in new technologies.

The investigation of Binance was initiated by the United States.

The information was released in response to allegations by the U.S. Department of Justice, which determined that Binance was used by the Iranian government to evade economic sanctions imposed by the United States. transactions worth $8 billion in digital assets..

Iran, through the local Nobitex exchange, appears to have carried out the transactions, three-quarters of them through the local Nobitex exchange. Using the cryptocurrency tron (TRX), according to outlined from Reuters.

The U.S. investigation sought to find possible violations of anti-money laundering regulations. From Binance, one of the world’s largest exchanges.

The case was broadcast by Reuters last July, a fact that was reported by CryptoNews. On that occasion, an investigation conducted by the agency itself revealed thatIranian traders were using Binance.

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Iranians could use Binance until August 2021, when the exchange tightened anti-money laundering controls.

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