U.S. reimposed sanctions in 2018 that had been suspended three years earlier as part of Iran’s nuclear deal with major world powers
, which - according to a 2020 regulatory filing - is ultimately controlled by Binance founder and CEO Changpeng Zhao.
Binance dominates the $950 billion crypto industry, offering its 120 million users a panoply of digital coins, derivatives and non-fungible tokens, processing trades worth hundreds of billions of dollars a month. The exchange is increasingly going mainstream. Its billionaire founder Zhao – known as CZ – this year extended his reach into traditional business by pledging $500 million to Tesla boss Elon Musk’s planned takeover of Twitter. Musk has since said he is pulling out of the deal.
Publicly, some Binance executives lauded its compliance program. Its then chief financial officer said in a December 2018 blog it had invested heavily in countering dirty money, saying it took a “proactive approach to detecting and squashing money laundering.” In March the following year, it hired a U.S. compliance platform to help it screen for sanctions risks.
“Cryptocurrency is a good way to circumvent sanctions and make good money,” said Ali, a trader who spoke on condition he was identified by only his first name. Ali said he used Binance for around a year. He shared with Reuters messages with Binance customer service representatives that showed the exchange closed his account last year. They said Binance was not able to serve users from Iran, citing recommendations from United Nations Security Council sanctions lists.
Binance’s Angels – volunteers who share information on the exchange across the globe – also helped spread the word. By September 2019, Tehran was among the top cities for followers of Binance’s Instagram page, topping New York and Istanbul, one message from the same month shows. The employees then made light of this. One jokingly suggested advertising Binance’s popularity in Iran, saying, “Push that on Binance U.S. Twitter.”
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Is Bitcoin's selloff over? One veteran trader issues this warning after predicting the 2018 crypto crash
Read more »
Heard attorneys say juror served improperly, seek mistrialOne of the jurors in the Johnny Depp-Amber Heard defamation trial served improperly, an attorney for Heard alleged in a recent filing that asked the court to declare a mistrial and order a new trial.
Read more »
How social media is amplifying the market downturn like never beforeBeing inundated with headlines and posts has made this downturn feel worse to clients than previous market crashes, say advisors
Read more »
Canada sends back blocked Russian turbine to GermanyThe Ukrainian government and the Ukrainian Canadian Congress oppose the decision, saying it undermines Canada’s commitment to full-scale sanctions against Russia
Read more »
U.S. FDA grants full approval to Pfizer COVID vaccine for ages 12-15The U.S. Food and Drug Administration said on Friday it has granted full approval to Pfizer and BioNTech's COVID-19 vaccine for adolescents aged between 12 and 15 years.
Read more »