Blockchain data indicate that despite U.S. sanctions designed to isolate Iran from the global financial system, crypto giant Binance has processed $8 billion in Iranian transactions since 2018.
According to a review of data conducted by leading blockchain researcher Chainalysis in the United States, nearly all of the funds, approximately $7.8 billion, were transferred between Binance and Nobitex, Iran’s largest crypto exchange.On its website, Nobitex provides advice on how to avoid sanctions.
Three quarters of the funds from Iran that went through Binance were invested in Tron, a relatively obscure cryptocurrency that lets users hide their identities. Nobitex advised clients to use Tron, a mid-tier token, to trade anonymously without “endangering assets due to sanctions,” in a blog post published last year.
It has never been reported that Binance’s Iranian crypto flows are of this magnitude or that they are continuing.
The U.S. Justice Department is conducting an investigation into Binance, the dominant player in the $1 trillion crypto industry with over 120 million users, for possible violations of money laundering regulations.Lawyers and experts on trade sanctions stated that the transactions put the company at risk of violating U.S. restrictions on doing business with Iran.