Binance responds to "helping Iranian companies trade $8 billion": For users of Iranian exchanges, intentions cannot be determined solely based on blockchain data, and active measures are being taken

ChainCatcher message, after Reuters published an article about Binance helping Iranian companies handle $8 billion in transactions, Binance responded that, "Earlier this week, we discovered that users of a cryptocurrency exchange located in Iran were transferring cryptocurrencies through Binance, and we immediately began to freeze the transferred funds and restrict related accounts. Binance had informed Iranian traders long ago that they could no longer use Binance services and must liquidate their accounts. However, this only affects users located in Iran and does not impact the global Iranian diaspora. We have also made significant investments in KYC and transaction monitoring technologies, as well as building partnerships, but it still presents compliance challenges, as transaction intent cannot be clearly determined solely from blockchain data. Currently, Binance is also working closely with vendors to develop solutions."

Previously, Reuters reported that despite U.S. sanctions aimed at severing Iran's ties to the global financial system, Binance has helped Iranian companies handle $8 billion in transactions since 2018. (Source link)