Binance Processed Around $8 Billion In Trade With Iran Despite Sanctions
Since the crypto industry has widened its boundary in recent years, it has pushed law enforcement agencies globally to supervise the digital assets ecosystem to prevent unpleasant activities. It resulted in sanctions on the crypto service companies and investigations into suspected entities facilitating illegal transactions linked with money laundering or other financial crimes. Similarly, Binance, […]
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Iranian cryptocurrency users claim to have used global exchange Binance months after a company-imposed ban and renewed economic sanctions against the country. Global cryptocurrency exchange Binance is under the spotlight as a report claims it continued serving Iranian clients despite a company ban and economic sanctions against the country.According to an investigative report from Reuters, individuals inside the country continued to trade on Binance after the company itself had shifted Iran onto a blacklist of jurisdictions in which it would not operate.The use of the exchange by Iranians....
Economic sanctions against Iran have been lifted, but some sanctions still apply. A pair of attorneys at the global Pillsbury law firm claim that screening rules still exist when trading with Iran, which means complications for anyone in the U.S. and European Union (EU) doing bitcoin transactions with parties in Iran, according to City A.M., a London, U.K. newspaper. Attorneys Steven Farmer and Matthew Oresman claim some EU and U.S. financial sanctions remain in place against certain Iranian individuals and businesses. (The lawyers are both sanctions experts and Farmer is also a bitcoin....
Iran has now finally given a green signal to the use of cryptocurrency for imports into the nation while international trade sanctions are underway. This approval has come from Iran’s Industry, Mines and Trade Ministry. Trade Minister Reza Fatemi Amin gave confirmation that these regulations which are quite detailed have been approved and were in […]
As Iran plans to scrap the use of US dollar as reserve currency, there are speculations of it being replaced by Bitcoin. Iran could pave the way for the adoption of Bitcoin as a foreign reserve currency. The reports of Iran moving away from US dollar as the preferred reserve currency in retaliation to the travel ban issued by Trump administration has led to this speculation. Until recently, Iran has been under sanctions for its nuclear program. With the sanctions relaxed last year, there were signs of trade and diplomatic relations between Iran and the United States returning to normalcy.....
The Iranian government has adopted bitcoin for international trade as the country’s economic crisis deepens, with rising Covid-19 cases, depreciating rial, and intensifying sanctions imposed by the U.S. government. Iran’s Economic Troubles Magnified Iran is undergoing a severe economic crisis as Covid-19 cases surge in the country. The Iranian health ministry says that the number of daily Covid-19 infections has more than quadrupled in less than two months. In addition, an increasing number of sanctions have been placed on Iran by the U.S. government, while the local fiat....