Reuters: Binance served Iranian customers despite US sanctions

The world's largest crypto exchange, Binance, continued to process trades by clients in Iran despite US sanctions and a company ban on doing business there, Report informs, citing Reuters.

In 2018, the US reimposed sanctions that had been suspended three years earlier as part of Iran's nuclear deal with major world powers.
That November, Binance informed traders in Iran it would no longer serve them, telling them to liquidate their accounts.

But in interviews with Reuters, seven traders said they skirted the ban. The traders said they continued to use their Binance accounts until as recently as September last year, only losing access after the exchange tightened its anti-money laundering checks a month earlier. Until that point, customers could trade by registering with just an email address.

"There were some alternatives, but none of them were as good as Binance," said Asal Alizade, a trader in Tehran who said she used the exchange for two years until September 2021. "It didn't need identity verification, so we all used it."