Investors from Iran are utilizing the cryptocurrency platform, BingX, for potentially sanctioned transactions.
The website offers a Farsi language version and the ability to exchange Iranian Rials for Tether (USDT), which is mentioned but restricted under the jurisdiction of the US Treasury Department’s Office of Foreign Assets Control (OFAC).
Iran faces sanctions for alleged support of terrorism and suspected pursuit of nuclear technology, including weapons. The goal of these sanctions is primarily to prevent Iranians from using centralized cryptocurrency exchanges for trading. However, BingX appears to disregard regulations in this regard.
Although BingX is based in countries with sanctions against Iran, such as Lithuania and Australia, the company actively caters to Iranian users. This is evident through their Farsi-language Telegram channel and website. The exchange representative clarified that providing services to Iran was not prohibited since Iran is not officially designated as a sanctioned country.
Another way to phrase this could be: Binance, currently the largest crypto exchange, faced accusations in 2022 for not adhering to anti-money laundering policies, much like other exchanges before them.
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2024-04-13 01:25