Binance helped Iranian firms trade $8 billion despite sanctions

According to reports by Reuters, cryptocurrency exchange Binance processed transactions of Iranian origin with a value of $8 billion since 2018 despite sanctions imposed by the U.S. that are intended to cut the country off from the global financial system.

Data from Chainanalysis revealed that almost all the funds moved between Binance and Iran’s largest crypto exchange, Nobitex. 75% of the funds that moved through Binance were in Tron which gives users an option to hide their identities.