Even if it means allowing trade from users in sanctioned nations, it is still willing to do anything and everything to maintain its top spot in the market.
According to several interviews with traders, Iranians continued to operate on the exchange despite the U.S. sanctions against them. The trades were going on for a long time. One trader from Iran, a business development worker named Mehdi Qaderi, used a virtual private network to trade $4,000 on the platform.
There are at least 11 other people in Iran other than the ones who declared on their profiles that they traded on the platform.
There is no evidence that any individuals who have been blacklisted in Iran have used the platform. There were other alternatives, but none of them were as good as Binance, according to Iranian traders quoted by the news agency.
According to internal communications, the company allowed those trades and even joked about them. Senior employees sent messages to each other over the course of the next two years, with one of them glorifying the growing number of Iranian users.
According to Coin MarketCap, Binance is the biggest exchange by trading volume. The company advertises that it has 1,681 markets.
There is still a question of which countries must abide by. The main exchange in the U.S. is not available from the holding company in the Cayman Islands. The company may be protected from the main U.S. sanctions, but could be subject to injunctions that try to prevent foreign companies from doing business with Iran.
The company doubled down on its anti-money-laundering checks after it was reported that Iranians were allowed to exist on the platform.
An email statement was sent to Gizmodo by a representative of the company.
This industry-leading sanctions program is fully compliant with all international financial sanctions, including blocking platform access to users in Iran. The use of advanced detection tools allowed us to further crack down on users who had access to sophisticated masking tools.
They have been granted approval to operate in France and Italy.
It is the golden standard all banks use and Brinance has been using it since the beginning of the year. They still write bad things about us when we use it.
KYC stands for "know your customer" verification and is used to identify and verify customers who are located in nations that have been blacklisted. FUD stands for fear, uncertainty, and doubt, a phrase that is often used to dismiss any negative news in a conversation about the efficacy of companies in the field ofcryptocurrencies.
It is not the first time the company has been cited for facilitating users from countries that are not officially recognized by the US. According to leaked internal messages and anonymous interviews, the trader agreed to hand over the names of people who donated to political opponents of Putin.
There is a lot of fear about regulatory agencies coming down on the exchange due to the number of public posts it has put out. In a Monday post, Chagri Poyraz wrote that they don't allow access from countries like North Korea, Syria, Cuba, and Iran because they believe in following international sanctions laws.
The technology and global sanctions laws are not understood by a lot of people. They were using the most advanced KYC and transaction monitoring technology. He said that we can't simply port over an established program from the banking industry.
The ire of U.S. regulators isn't the only thing that has to be worried about. According to a report last month, TerraUSD, the stable coin that would eventually prove incredibly unstable, was promoted by the company. The company lost more than one billion dollars in that crash. In June, withdrawals were halted due to a stuck transaction.
It will be interesting to see where the hiring goes since many of the smaller exchanges are close to collapsing.
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