A recent report reveals that some investors from Iran have allegedly employed BingX for questionable transactions, potentially violating international sanctions.
On BingX’s Telegram channel for Persian speakers, there’s a Farsi version and a feature that allows users to exchange Iranian Rials for Tether (USDT). However, it’s important to note that such transactions are not permitted according to the sanctions enforced by the US Treasury Department’s Office of Foreign Assets Control (OFAC).
Iran faces sanctions for reportedly sponsoring terrorism and pursuing nuclear technology, including weapons. The primary goal of these sanctions is to prevent Iranians from conducting trades via traditional exchange platforms. However, BingX, despite its claimed compliance, seems to be circumventing regulatory guidelines.
Although BingX is based in countries like Lithuania and Australia, where businesses must adhere to sanctions, the company explicitly targets and advertises to users in Iran. Through a Telegram channel and Farsi-language website, BingX’s representatives clarified that they continue to offer their services to Iranians, as Iran is not included in the list of restricted countries according to their interpretation.
Yet, it’s important to note that BingX isn’t the only crypto exchange allegedly circumventing sanctions. Back in 2022, Binance – currently the biggest cryptocurrency exchange globally – faced similar allegations and subsequently acknowledged they hadn’t strictly adhered to anti-money laundering regulations.
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2024-04-13 02:12