Assisting Iranian companies to trade up to $8 billion? Binance responds to Reuters report: Unable to confirm intentions of foreign nationals.

After the Reuters article about Binance assisting an Iranian company with $8 billion in transactions was released, Binance responded by stating: "Earlier this week, we discovered users in Iran transferring cryptocurrency through Binance. We immediately froze the funds and restricted the related accounts. Binance had informed Iranian traders long ago that they could no longer use our services and had to liquidate their accounts. However, this only affected users in Iran and had no impact on the global Iranian diaspora. We have made significant investments in KYC and transaction monitoring technology, as well as established partnerships with providers, but compliance challenges persist as transaction intent cannot be clearly determined solely based on blockchain data. Binance is currently working closely with suppliers to develop solutions."

After Reuters published an article about Binance assisting Iranian companies in processing $8 billion in transactions, Binance responded by stating: "Earlier this week, we discovered users of a crypto exchange in Iran were transferring cryptocurrencies through Binance. Binance immediately began to freeze the funds being transferred and restrict the related accounts. Binance had informed Iranian traders well before that they could no longer use Binance's services and had to liquidate their accounts. However, this only affected users in Iran and did not impact the global Iranian diaspora. We have made significant investments in KYC and transaction monitoring technology, as well as partnerships with vendors, but compliance challenges persist, as transaction intent cannot be clearly determined solely based on blockchain data. Binance is currently working closely with its suppliers to develop solutions."

Previously, Reuters reported that despite U.S. sanctions aimed at severing Iran's ties with the global financial system, Binance has assisted Iranian companies in processing $8 billion in transactions since 2018.

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