Binance flies to the aid of Curve Finance

Could the Binance platform have helped Iran profit from the global financial system despite US sanctions? That’s the question analysts are asking today, as rumors of a collaboration between the exchange and the country echo. In effect, According to the information in our possession, Binance would have facilitated many Iranian transactions. Worse still, this assistance is said to have lasted since 2018 and nearly $8 billion in transactions have been processed. It is the blockchain data that makes it possible to have these rather mind-blowing figures.

Binance allegedly helped Iranian companies with their transactions

A collaboration between Binance and Iran behind the back of the United States since 2018?

Chainalysis, the American blockchain analysis company is formal, Binance would have dealt with Iran for 4 years. Specifically, the exchange allegedly collaborated with Nobitex, Iran’s largest crypto exchange. Between 2018 and today, almost $8 billion would have circulated in the various transactions. Moreover, Novitex has never hidden its desire to thwart the restrictions of the United States and offered solutions to its users.

As a reminder, in February 2018, the United States had implemented numerous sanctions on financial transactions against Iran. In 2014, i.e. 4 years earlier, BNP Paribas was sentenced to compensate the United States for dealing with Iranian customers. The government of barack obama wanted to economically isolate Tehran and lashed out at any entity that opposed it.

The bulk of transactions between Binance and the funds iranians were done with the Tron crypto. This virtual currency has the particularity of being discreet and users can easily hide their identity. A few months ago, Nobitex allegedly wrote a whole article in which it encouraged users to adopt Tron massively. This utility token was the best solution for trade anonymously and securely.

These revelations are the result of US investigations against the Binance exchange. The Biden administration suspects the platform of potential violations of the rules relating to the money laundering. If these transactions are proven, the exchange could antagonize American justice with possible trade sanctions.

Conclusion

In sum, Changpeng Zhao, the founder of Binance, kicks all the charges against his platform. The company maintains that it strictly adheres to the rules and sanctions against Iran. It even claims to have blocked circumvention attempts by Iranian users by banning them.

Source : Usnews.com

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