International Media Accuses Binance For Backing Iranian Company

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Reportedly Binance has processed $8 billion worth of Iranian transactions since 2018 despite US sanctions.

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According to Chainalysis, almost all of the funds, about $7.8 billion, flowed between Binance and Iran’s largest cryptocurrency exchange Nobitex.

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Three-quarters of the Iranian funds that flowed through Binance are in Tron which allows users to disguise their identities.

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In last year blog, Nobitex encouraged its customers to trade anonymously using Tron, without "endangering assets due to sanctions."

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The new findings come as the U.S. Department of Justice conducts an investigation into possible money laundering violations by Binance.

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In July 2022, Reuters revealed for the first time that the exchange is still working with Iranian users.

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In late 2020, U.S. federal prosecutors ordered Binance to provide internal records of AML controls and disclosures regarding CEO Changpeng Zhao.

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