Despite sanctions Binance helped Iran trade $8 bln

With the Justice Department’s investigation currently underway on Binance's money laundering violations, a review indicates funds worth almost $8 billion from or intended for Iran flowed through the platform since 2018, despite US sanctions.

According to Reuters, a Chainalysis review indicates a $7.8 billion flow between Binance and Nobitex, Iran's largest crypto exchange—$2.95 billion in crypto directly between Iranian exchanges and Binance; $5 billion through intermediaries.

The US imposed sanctions on Iran to isolate the country from global financial markets. However, no Iranian cryptocurrency platforms are currently under sanctions.

“Binance.com is not a US company, unlike other platforms that have exposure to these same US sanctioned entities. However, we have taken proactive steps to limit our exposure to the Iranian marketplace,” the crypto exchange giant’s spokesperson Patrick Hillmann said.