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Cryptocurrency Exchange Binance Helped Iranian Firms Earn $8 Billion by Circumventing Sanctions

© by Getty images said it is not a US company, so it is not subject to sanctions

Cryptocurrency giant Binance has processed $8 billion in Iranian transactions since 2018, despite US sanctions aimed at cutting off Iran from the global financial system.

According to the data of the leading American blockchain researcher Chainalysis, almost all funds, about $7.8 billion, went between Binance and Iran’s largest crypto exchange Nobitex. Nobitex offers guidance on how to circumvent sanctions on its website.

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Three-quarters of the Iranian money that passed through Binance was in the form of a little-known cryptocurrency called Tron, which allows users to hide their identity.

In a blog post last year, Iranian exchange Nobitex urged customers to use the Tron token to trade anonymously without risking assets due to sanctions.

The magnitude of Iran’s Binance crypto flows and the fact that they continue have not been reported before.

The data comes as the US Department of Justice is investigating possible money laundering by Binance, which dominates the crypto industry and has more than 120 million users.

According to lawyers and experts on trade sanctions, these transactions indicate a violation of the US ban on doing business with Iran.

Binance did not respond to questions about the new transactions uncovered by Reuters.

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In a statement, exchange spokesman Patrick Hillmann said: “ is not a US company, unlike other platforms that have access to the same entities that are under US sanctions. However, we have taken active steps to limit our presence in the Iranian market.”