{"id":1726952,"date":"2022-11-05T06:30:26","date_gmt":"2022-11-05T10:30:26","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1726952"},"modified":"2022-11-07T00:34:36","modified_gmt":"2022-11-07T05:34:36","slug":"binance-helped-iranian-firms-trade-8-billion-in-spite-of-sanctions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/binance-helped-iranian-firms-trade-8-billion-in-spite-of-sanctions\/","title":{"rendered":"Binance Helped Iranian Firms Trade $8 Billion In Spite of Sanctions"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbinance-helped-iranian-firms-trade-8-billion-in-spite-of-sanctions%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1726952&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\">\n<li class=\"breadcrumbs__item\"> <a class=\"breadcrumbs__item-link\" href=\"https:\/\/financialpost.com\/category\/pmn\/technology-pmn\/\">PMN Technology<\/a> <\/li>\n<li class=\"breadcrumbs__item\"> <a class=\"breadcrumbs__item-link\" href=\"https:\/\/financialpost.com\/category\/pmn\/business-pmn\/\">PMN Business<\/a> <\/li>\n<\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<div class=\"article-meta\">\n<div class=\"wire-published-by\">\n<p class=\"visually-hidden\">Author of the article:<\/p>\n<p> <img loading=\"lazy\" decoding=\"async\" alt=\"Reuters\" aria-labelledby=\"wire-company-name\" class=\"wire-published-by__logo\" height=\"70\" src=\"https:\/\/secure.gravatar.com\/avatar\/0e5521e933d53566787277062da28f5a?s=70&#038;d=mp\" srcset=\"https:\/\/secure.gravatar.com\/avatar\/0e5521e933d53566787277062da28f5a?s=70&#038;d=mp, https:\/\/secure.gravatar.com\/avatar\/0e5521e933d53566787277062da28f5a?s=140&#038;d=mp 2x\" width=\"70\" \/> <\/p>\n<div class=\"wire-published-by__author-container\">\n<p> Reuters <\/p>\n<p> Angus Berwick and Tom Wilson <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>LONDON \u2014 Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite U.S. sanctions intended to cut Iran off from the global financial system, blockchain data show.<\/p>\n<p>Almost all the funds, some $7.8 billion, flowed between Binance and Iran\u2019s largest crypto exchange, Nobitex, according to a review of data from leading U.S. blockchain researcher Chainalysis. Nobitex offers guidance on its website on how to skirt sanctions.<\/p>\n<\/section>\n<div class=\"article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"FinancialPostTopStories1519512622464624965626840451921225\" class=\"newsletter-widget fp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"FP_HeadlineNews\" data-widget=\"newsletter\"> <img loading=\"lazy\" decoding=\"async\" alt=\"Financial Post Top Stories Banner\" class=\"newsletter-widget__banner\" height=\"60\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2021\/06\/FPTopStories-06232021.jpg\" width=\"97\" \/> <\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"FinancialPostTopStories1519512622464624965626840451921225\">Financial Post Top Stories<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" hidden id=\"submitSuccessFP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Financial Post Top Stories will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" hidden id=\"submitErrorFP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities. In a blog post last year, Nobitex encouraged clients to use Tron \u2013 a mid-tier token \u2013 to trade anonymously without \u201cendangering assets due to sanctions.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment189864691402802061065602365563796\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment189864691402802061065602365563796\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The scale of Binance\u2019s Iranian crypto flows \u2013 and the fact that they are continuing \u2013 has not been previously reported.<\/p>\n<p>The new findings come as the U.S. Justice Department is pursuing an investigation into possible violations of money-laundering rules by Binance, which dominates the $1 trillion crypto industry, with over 120 million users. The transactions put the company at risk of falling afoul of U.S. prohibitions on doing business with Iran, lawyers and trade-sanctions experts said.<\/p>\n<p>In July, Reuters revealed that Binance continued to serve clients in Iran and that the exchange\u2019s popularity in the Islamic republic was known inside the company. It was one of a series of Reuters investigations into Binance\u2019s troubled history with financial regulatory compliance. The day of that article\u2019s publication, Binance said in a blog post that it follows international sanctions rules on Iran and blocks access to the platform to anyone based there. The exchange\u2019s billionaire founder, Changpeng Zhao, tweeted: \u201cBinance banned Iranian users after sanctions, 7 got missed\/found a workaround, they were banned later anyways.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment1537599596452049707707068535746279\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1537599596452049707707068535746279\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Binance didn\u2019t answer detailed questions about the new transactions uncovered by Reuters. In a statement, spokesperson Patrick Hillmann said, \u201cBinance.com is not a U.S. company, unlike other platforms that have exposure to these same U.S. sanctioned entities. However, we have taken proactive steps to limit our exposure to the Iranian marketplace,\u201d working with industry partners and internal tools.<\/p>\n<p>Binance declines to give details of the location or the entity behind its Binance.com exchange.<\/p>\n<p>Nobitex didn\u2019t respond to questions for this article. Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun.<\/p>\n<p>In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian exchanges, according to the Chainalysis data, which runs to November of this year. Since Zhao\u2019s tweet in July, Binance has processed around $80 million in Iranian trades.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment8115973619367273331158289508994443\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8115973619367273331158289508994443\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Hillmann said in the Binance statement that the company requires full \u201cKnow Your Customer\u201d checks for all users \u201cand residents of Iran are prohibited from opening or maintaining an account. We are continually updating processes and technology as we learn about new risks and potential exposures. As a result of these efforts, including real-time transaction monitoring in coordination with external vendors, between June of 2021 and November of 2022, Binance\u2019s exposure to Iranian-linked entities has seen an exponential decline.\u201d<\/p>\n<p>The data reviewed by Reuters show that in total some $2.95 billion in crypto moved directly between Iranian exchanges and Binance since 2018.<\/p>\n<p>A further $5 billion in crypto moved between Iranian exchanges and Binance through layers of intermediaries, the data also reveal. Regulators say such \u201cindirect\u201d flows should be a red flag to crypto exchanges \u2013 an indicator of possible money laundering and sanctions evasion. Crypto users seeking to cover their tracks often use sophisticated techniques to create complex chains of crypto transfers.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment8771102553944474122811252291153477\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8771102553944474122811252291153477\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Nobitex advises its 4 million customers on its website to avoid \u201cthe direct transfer\u201d of crypto between Iranian and foreign crypto platforms to \u201cmaintain security.\u201d<\/p>\n<p>Binance spokesperson Hillmann told Reuters in June, in relation to the exchange\u2019s indirect exposure to illicit funds, that \u201cwhat\u2019s important to note is not where the funds come from \u2013 as crypto deposits cannot be blocked \u2013 but what we do after the funds are deposited.\u201d He said Binance uses transaction monitoring and risk assessments to \u201censure that any illegal funds are tracked, frozen, recovered and\/or returned to their rightful owner.\u201d<\/p>\n<p>In addition to the Tron token, the remainder of the Iranian transactions were in major cryptocurrencies bitcoin, ether, tether and XRP, and a smaller token, litecoin.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment9554921361278180178784047088865674\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment9554921361278180178784047088865674\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Binance is the biggest market for trading Tron, according to industry data. Some other major exchanges, including U.S.-regulated Coinbase and Gemini, do not list the token.<\/p>\n<p>Until recently, Tron has largely flown under the radar of cryptocurrency trackers. Market leader Chainalysis, used by U.S. government agencies, only began fully supporting the tracing of Tron this May, according to an email Chainalysis sent to a client.<\/p>\n<p>The Tron dataset details over 1.15 million direct transfers between Binance and Nobitex since April 2020, when the first Tron flows were recorded. The data include wallet addresses and a unique identification number for each transaction.<\/p>\n<p>Reuters obtained the Tron figures, along with further datasets covering the other crypto tokens, from three firms with access to Chainalysis\u2019 Reactor investigation software. Reuters cross-checked each company\u2019s figures. A fourth firm also confirmed some of the figures on direct transfers based on a separate dataset compiled using different software.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4641220807276718740490723894749976\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4641220807276718740490723894749976\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Reuters is making available here the data for direct transactions since August 20, 2021, amounting to around $1 billion.<\/p>\n<p>The total volume of Iranian transactions flowing through Binance is far greater than through any other exchange, the data show. After Binance, the next most popular exchange for Nobitex users since 2018 was Seychelles-based KuCoin, which processed $820 million in direct and indirect transactions.<\/p>\n<p>KuCoin and six other Iranian exchanges in the dataset\u2013 CoinNik Market, Iranicard, Rabex, Wallex, Sarmayex and Tether Land \u2013 did not respond to requests for comment.<\/p>\n<p>SANCTIONS RISK<\/p>\n<p>Binance has grown explosively since its launch in 2017. The company extended its reach from crypto last month by investing $500 million in Tesla boss Elon Musk\u2019s buyout of Twitter.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment5846495859299803811861984286217513\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5846495859299803811861984286217513\">Advertisement 8<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-8\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The main focus of the U.S. Justice Department investigation is whether Binance violated U.S. anti-money laundering laws. As part of the case, ongoing since 2018, the department is also investigating Binance for possible criminal sanctions violations in connection with Iran, three people with knowledge of the probe said. In late 2020, the department sought records from Binance on its compliance program, including any documents related to the transfer of crypto funds for people or entities in countries including Iran.<\/p>\n<p>The Justice Department declined to comment.<\/p>\n<p>The U.S. government reimposed sanctions in 2018 on Iran that had been suspended three years earlier as part of Iran\u2019s nuclear deal with world powers. The West and the United Nations have targeted Tehran since 1979 with sanctions over its nuclear program, along with alleged human rights violations and support for terrorism.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment4070862726391694231376116845134558\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4070862726391694231376116845134558\">Advertisement 9<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-9\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"9\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-9\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Six lawyers and sanctions experts said the Iranian transactions documented by Reuters put Binance at risk of U.S. \u201csecondary\u201d sanctions, designed to prevent non-U.S. firms from doing business with sanctioned entities or helping Iranians evade the American trade embargo. Secondary sanctions can choke off a company\u2019s access to the U.S. financial system.<\/p>\n<p>Binance could also be exposed to direct \u201cprimary\u201d sanctions if the company has what the U.S. Treasury Department calls a \u201cnexus to the United States,\u201d the lawyers and experts said. Such links can include any U.S.-incorporated entities, or transactions processed through the U.S. financial system or using the dollar, they said. Treasury didn\u2019t respond to a request for comment.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment3177352816269630835833964486554904\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3177352816269630835833964486554904\">Advertisement 10<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-10\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"10\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-10\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>In 2019, Britain\u2019s Standard Chartered agreed to pay almost $930 million to U.S. authorities for criminal sanctions violations that included moving around $240 million via U.S. financial institutions for Iranian customers. Standard Chartered accepted responsibility for the violations. French bank BNP Paribas in 2014 agreed to plead guilty to violating U.S. sanctions on countries including Iran and to pay $8.9 billion. Both banks committed to improving their controls.<\/p>\n<p>Binance says it does not accept customers in the United States. American clients are instead directed to a separate exchange called Binance.US, run by a U.S. company which since 2019 has been registered with the Treasury as a money-service business.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment7593150759699934438175945189222724\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment7593150759699934438175945189222724\">Advertisement 11<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-11\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"11\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-11\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Binance CEO Zhao has described Binance.US as a \u201cfully independent entity.\u201d Reuters reported in October that he in fact controlled the U.S. exchange and directed its management from abroad. A Binance adviser, in a message to executives in 2018, described the U.S. operation as a \u201cde facto subsidiary.\u201d<\/p>\n<p>In a blog post after that article, Zhao reaffirmed that Binance.US \u201coperates independently from Binance.com.\u201d<\/p>\n<p>The vast majority of the $8 billion in Iranian crypto transactions identified by Reuters involved the main Binance exchange. But Binance.US also processed crypto transactions worth $1.5 million from Iranian exchanges Nobitex, Wallex and Tether Land, the Chainalysis data show.<\/p>\n<p>U.S. entities that violate the Iran sanctions can face criminal fines of up to $1 million per violation. People involved can face jail terms of up to 20 years. This October, the Treasury fined Seattle-based crypto exchange Bittrex $24 million for violating sanctions on Iran and other countries by processing crypto transactions worth over $260 million. Bittrex said at the time it was \u201cpleased to have fully resolved\u201d the matter.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment9712780413275094274858854163871772\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment9712780413275094274858854163871772\">Advertisement 12<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-12\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"12\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-12\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Contacted for this article, a Binance.US spokesperson said Reuters\u2019 figures for its transactions with the Iranian exchanges were not accurate and that including \u201cdirect as well as indirect transactional data from Chainalysis both conflates and inflates the volume you cite.\u201d The spokesperson didn\u2019t provide an alternative figure.<\/p>\n<p>Binance.US \u201cadheres to all applicable U.S. rules governing digital asset exchanges\u201d and only permits trading by entities that have completed a \u201crigorous screening process,\u201d the spokesperson said.<\/p>\n<p>Nobitex and the other Iranian crypto exchanges haven\u2019t been sanctioned by the United States. Reuters did not find evidence that sanctioned Iranian individuals, companies or organizations used Binance or Binance.US.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment2661333131914047743017110353248699\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment2661333131914047743017110353248699\">Advertisement 13<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-13\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"13\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-13\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>\u201cTHE BEST OPTION\u201d<\/p>\n<p>Nobitex, the largest Iranian exchange, launched in 2017. Its co-founder and CEO, Amirhosein Rad, did a doctorate in philosophy and chemical engineering at Iran\u2019s Sharif University of Technology, his LinkedIn profile shows. Rad didn\u2019t comment for this article.<\/p>\n<p>Nobitex\u2019s aim, stated on its LinkedIn page earlier this year, is to allow Iranians to invest in crypto despite \u201cthe shadow of sanctions.\u201d As sanctions have hit Iran\u2019s ability to do business with the outside world, crypto has grown popular there for cross-border commerce. The exchange said it serves as a \u201csafe bridge between 3.5 million Iranians and the world of cryptocurrencies.\u201d<\/p>\n<p>Nobitex said in its 2021 annual report that it processes 70% of Iranian crypto transactions. The exchange has recommended that its clients use Binance in multiple posts on its website and social media channels, as recently as this year.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment6856891910977235170703546223255767\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment6856891910977235170703546223255767\">Advertisement 14<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-14\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"14\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-14\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Nobitex users began moving bitcoin through Binance in April 2018, the Chainalysis data show.<\/p>\n<p>In a trading guide on Nobitex\u2019s website, first published in 2019 and updated this October, Nobitex advised users to open accounts to convert their Iranian rials into crypto and then make transfers to a foreign exchange such as Binance, which it called the \u201cmost reliable.\u201d Subsequent posts in 2020 said that \u201cfor us Iranians, Binance is still the best option\u201d and that Binance \u201ccauses fewer problems for Iranian users.\u201d<\/p>\n<p>Noting the risk posed by U.S. sanctions, Nobitex\u2019s public terms of use recommend customers avoid the \u201cdirect transfer\u201d of crypto from Nobitex to Binance and instead create multiple digital wallets to move funds in separate stages.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment1698128307092849253089172201220845\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment1698128307092849253089172201220845\">Advertisement 15<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-15\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"15\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-15\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The volume of Tron transactions between Nobitex and Binance surged from August 2020, the Chainalysis data showed.<\/p>\n<p>That same month, Tron\u2019s founder, Sun, said on Twitter the digital coin had enabled a new feature that allowed traders to mask their identities. Sun wrote that the feature, known as zk-SNARK, would \u201cprotect user data with the strongest privacy protection in the industry.\u201d<\/p>\n<p>An article published in a Justice Department journal last year said the feature allows the development of \u201canonymity enhanced cryptocurrencies\u201d that attract criminals \u201clike sharks to chum\u201d as they \u201cseek out privacy to conceal their conduct.\u201d<\/p>\n<p>Nobitex recommended that users open digital wallets with Binance to buy Tron due to its \u201chigh security.\u201d A Nobitex blog post in July 2021 said zk-SNARK was key to keeping those sending and receiving crypto \u201chidden.\u201d<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment7518088304214602974800537721096146\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment7518088304214602974800537721096146\">Advertisement 16<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-16\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"16\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-16\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Nobitex customers remained able to use Binance to trade Tron and other crypto tokens after Binance tightened its checks on clients on August 20, 2021, according to the data. Binance processed direct transactions from Nobitex totalling over $1 billion between that date and November of this year, far outstripping any other international exchange, it showed. As recently as this October, $20 million in Tron flowed directly between Binance and Nobitex, the data show.<\/p>\n<p>Iranians sanctioned by the U.S. Treasury for cyberattacks and ransomware activity have used Nobitex, a Chainalysis report in September said. Between 2015 and 2022, the digital wallets of sanctioned Iranians received over $230,000 in bitcoin ransomware funds, Chainalysis said, with most of the crypto sent to Nobitex.<\/p>\n<p>The Treasury said the same month that the sanctioned Iranians were all affiliated with the Islamic Revolutionary Guard Corps, a powerful faction that controls a business empire as well as elite armed and intelligence forces in Iran. Iranian authorities did not respond to a request for comment. The Iranian Foreign Ministry has called U.S. sanctions \u201cunilateral, illegal and cruel.\u201d<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\" control_fields>\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"article-content__ad-group\">\n<div class=\"ad__section-border ad__section-border--category visually-hidden\">\n<section aria-describedby=\"advertisment5238411150738003970533767925486635\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5238411150738003970533767925486635\">Advertisement <\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__label\">\n<p> Story continues below <\/p>\n<\/p><\/div>\n<div class=\"ad__inner\" id=\"ad__inner-acceptable\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-acceptable=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-acceptable\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section><\/div>\n<\/p><\/div>\n<div class=\"widget article-content__widget-group article-content__widget-group--related-story-slot\">\n<section aria-labelledby=\"relatedStories2850662341195199450899906303943282\" class=\"dark-mode-secondary-theme-background dark-mode-text--nuclear list-widget list-widget-related-stories\" data-aqa=\"widget-related-list\">\n<h2 class=\"section-title section-title--page-story\" id=\"relatedStories2850662341195199450899906303943282\">Related Stories<\/h2>\n<ol class=\"list-widget__content list-unstyled\">\n<li data-carousel-item=\"\">\n<article class=\"article-card article-card--two-column article-card--no-excerpt--sm-down\" data-aqa=\"article-card\" 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href=\"https:\/\/financialpost.com\/pmn\/business-pmn\/venezuela-government-opposition-to-resume-talks-soon-sources-say\"> <\/p>\n<h3 class=\"article-card__headline text-size--extra-large--sm-up\" title=\"Venezuela government, opposition to resume talks soon, sources say\"> <span class=\"article-card__headline-clamp\">Venezuela government, opposition to resume talks soon, sources say<\/span> <\/h3>\n<p class=\"article-card__excerpt\"> CARACAS\/MEXICO CITY \u2014 Venezuela\u2019s government and the country\u2019s opposition plan to resume dialogs in Mexico as soon as this month after a long delay, and are expected to focus on negotiating conditions for a presidential election, four sources close to the talks said. <\/p>\n<p> <\/a>  <\/div>\n<p> <a aria-label=\"Venezuela government, opposition to resume talks soon, sources say\" class=\"article-card__image-link\" href=\"https:\/\/financialpost.com\/pmn\/business-pmn\/venezuela-government-opposition-to-resume-talks-soon-sources-say\" 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