Amid US Sanctions, Binance Pushes Iranians off It’s Exchange

Amid US Sanctions, Binance Pushes Iranians off It’s Exchange

Cryptocurrency News
November 16, 2018 by Sandra Onyeiwu
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World’s second largest crypto exchange Binance is pressuring Iranian users to remove their investments from the crypto exchange in response to US sanctions. “If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible,” read an email that was sent to Iranian users
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World’s second largest crypto exchange Binance is pressuring Iranian users to remove their investments from the crypto exchange in response to US sanctions.

“If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible,” read an email that was sent to Iranian users from Binance, according to local sources.

Reportedly, following the reinstatement of US economic sanctions against Iran on November 5th, Binance send out warning email advising users to withdraw their assets from Binance as soon as possible.’

According to Sepehr Mohamadi, chairman of the board of the Blockchain Association of Iran, emails like this has been coming in for months, but their numbers recently increased following renewed U.S. sanctions, which activated on November 5.

Iran has been officially removed from the interbank protocol SWIFT, which will severely limit the ability of Iranian banks, and by extension Iranian citizens, to exchange money worldwide.

During the know-your-customer process, Binance has been closing down all the Iranian users who sent them Iranian passport, say sources in Iran. Certain Iranian traders have also mentioned that the Malta-based exchange has warned accounts connected to Iranian IP addresses to withdraw their crypto from the exchange.

“It would be difficult to serve users in these jurisdictions if they want to serve American citizens. It’s logical to say that many companies are looking to the States right now and adapting to the U.S. regulation,” said John Collins, FS Vector consulting firm, Washington DC.

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