Blockchain data show that one of the leading cryptocurrency platforms, Binance has processed Iranian transactions with a value of $8 billion since 2018 despite sanctions imposed by the US government intended to cut Iran off from the global financial system.
As per the details of a review of data from leading US blockchain researcher Chainalysis, almost all the funds, which are equal to $7.8 billion, transferred between crypto giant Binance and largest crypto exchange of Iran, Nobitex. The company offers guidance on its website on how to skirt sanctions.
The details further said that three-quarters of the funds from Iran passed through Binance were in a relatively low-profile cryptocurrency called Tron which give the investors and other users an option to conceal their identities.
It is pertinent to mention here that in a blog post last year, Nobitex encouraged its users to use Tron to trade anonymously without “endangering assets due to sanctions.”
On the other hand, the new findings come as the Justice Department of the Untied States is pursuing an investigation into the possible violations of money-laundering rules by Binance. Violations of these rules dominates the $1 trillion crypto industry with more than 120 million users.
The lawyers and trade sanctions experts said that these types of transactions put the company at risk of falling afoul of the United States prohibitions on doing business with Iran.
Crypto giant Binance has grown immensely since its launch back in 2017. The company extended its reach from crypto last month by investing $500 million in Elon Musk’s buyout of one of the top social media platforms Twitter.