Officially, Binance informed its Iranian customers as early as November 2018 of the imminent shutdown of operations in this West Asian country.
Several months after this warning, the Reuters investigation was nevertheless able to determine that several customers continued to carry out transactions in cryptocurrencies thanks to their accounts with Binance. Seven traders have indeed told reporters that they have found a way around the ban to continue using their accounts until September 2021.
Compliance procedures involved?
According to documents obtained by the press, these violations of US law are well known to several Binance senior executives. It must be said that the accounts in question are registered on Binance’s international platform (Binance.com) while only Binance.US is officially subject to American law. However, the Singapore-based company is not immune to a blockage of its access to the American financial system.
One of the largest cryptocurrency exchanges in the world, Binance will always be able to retort that it has implemented measures that have unfortunately not been effective. Already in 2018, the company assured, via its chief financial officer at the time, that it had invested heavily in the fight against dirty money, claiming to adopt a “proactive approach to detect and crush money laundering. In March 2020, she hired a US compliance platform to help her screen for sanctions risks.
Read also Bitcoin price prediction: SEC rejects Grayscale’s request to create a BTC ETF
Note that a series of sanctions against Binance in the United States, a hypothesis which remains hypothetical for the moment, could influence the price of the BNB token, Binance’s native token, downwards.