Binance helps Iranian firms get around sanctions with TRON
Since 2018, Binance has processed $8 billion in transactions for Iranian companies, ignoring financial and trade sanctions imposed by the United States, Reuters writes.
According to the analytical platform Chainalusis, most of the considered transactions were made between Binance and the largest Iranian crypto exchange Nobitex, which gave recommendations as an alternative.
Three-quarters of the transactions processed by Binance were conducted in the TRON (TRX) cryptocurrency, which Nobitex recommended to maintain the anonymity of trading.
In 2018, the Trump administration announced that the US was pulling out of the Iran nuclear deal and reimposing sanctions on the Islamic Republic, warning that anyone who trades with it will be unable to do business with the United States.
In July 2022, Reuters discovered that the exchange was still working with Iranian users. At the time, Binance responded that it was strictly following the rules of international sanctions and using bank-grade tools to prevent the use of its platform by those under sanctions.