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Seeking Alpha 2022-07-11 12:07:59

Binance provides years of service for Iranian traders despite U.S. sanctions

The financial market's largest crypto exchange by daily trade volumes, Binance has provided service for seven crypto traders inside of Iran for years despite the United States sanctions on the nation.The U.S. back in 2018 reinstituted sanctions on Iran after President Trump withdrew the United States from the nuclear deal between Iran and other world powers. As a result, Binance told its traders in Iran that it could no longer provide service to them and let their clients know that they were liquidating all accounts.However, Reuters reported that seven traders were able to bypassed the ban. The investors outlined that they were able to maintain the use of their Binance accounts until September of 2021 as traders were able to register with only an email address.Asal Alizade, a trader based in Tehran said she used the platform for years until September 2021. "It didn't need identity verification, so we all used it."Until Binance cracked down on its anti-money laundering checks back in 2021, there was no real deterrent. Prior to Binance’s tightening, traders could transact by registering with just an email address.Bitcoin (BTC-USD) & Ethereum (ETH-USD) price action: Monday -3.9% and -3.4%.In related crypto news, a MLIV Pulse survey which was constructed of 950 investors highlighted that market participants see a greater chance that Bitcoin will fall to $10K, than rise to $30K.

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