Cryptocurrency exchange Binance has been aiding Iranian firms to circumvent American sanctions intended to cut Iran off from the global economy by processing nearly $8 billion worth of transactions since 2018.
With over 120 million users, Binance is the world’s largest platform for exchanging cryptocurrency assets with fiat money or even with physical assets like gold and silver.
The allegations against Binance have come following a review of blockchain data by New York-based blockchain researcher Chainalysis. The firm found that some $7.8 billion worth of funds, either in crypto assets or in fiat money, flowed between Binance and Nobitex, Iran’s largest cryptocurrency exchange. (Related: US Treasury probes crypto platform Kraken over alleged sanctions violations.)
Around 75 percent of the funds that passed through Binance were in the form of a relatively low-profile cryptocurrency called Tron, the 15th most valuable cryptocurrency asset in the world.
Tron provides users with the option to conduct transactions without providing personal information. This, combined with its position as a relatively obscure crypto asset, caused Nobitex to single it out in a blog post earlier this year as a reliable token clients can use to trade anonymously without “endangering assets due to sanctions.”
In addition to Tron, the remainder of the transactions were done using major cryptocurrencies like bitcoin and ether and smaller tokens like tether, XRP and litecoin.
Data shows that some $2.95 billion in crypto assets moved directly from Iranian exchanges, including Nobitex to Binance since 2018. A further $5 billion in crypto moved between Iranian exchanges and Binance through a series of intermediaries.
The use of intermediaries and other “indirect” flows of crypto assets has been described as a red flag for crypto exchanges as it is an indicator of possible money laundering and sanctions evasion. Nobitex strongly recommends using intermediaries and avoiding direct transfers of crypto from Iranian exchanges to foreign platforms to “maintain security.”
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Binance claims it is following sanctions rules and not doing business with Iran
Binance and its founder and CEO Changpeng Zhao have repeatedly denied the allegations of the company’s purported dealings with Iran.
Back in July, Reuters reported that Binance was still serving clients in Iran and that the exchange is proving to be very popular in the country. The day this article came out, Binance published a blog post claiming that it follows international sanctions rules regarding Iran and blocks access to the platform to anyone with an Iranian IP address.
Binance also claimed that, since it is not an American company, it does not have the same obligations with regard to sanctions that United States-based crypto exchanges have.
Using his personal Twitter account, Zhao posted a series of tweets dismissing Reuters‘ investigation as “fake news.”
“Binance banned Iranian users after sanctions, seven got missed/found a workaround, they were banned later anyways,” he wrote. “I didn’t even have to write the response. Users know. Don’t treat your users (or readers) like they are dumb. You will lose them. Reputation is the most valuable asset.”
Since Aug. 2021, Binance has asked customers who want to open accounts and use its services to provide identification. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian crypto exchanges, according to Chainalysis data.
Since July of this year, right after Binance and Zhao put out statements denying links with Iran, Binance has processed around $80 million in Iranian trades.
Learn more cryptocurrency news on CryptoCult.news.
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Watch this news clip discussing Binance’s complicity in aiding Iran to evade sanctions.
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Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!