Binance users in Iran must withdraw crypto amid sanctions

posted over 4 years ago
Binance is advising its remaining users in Iran to withdraw their money as the cryptocurrency exchange seeks to comply with international sanctions. “Iranians are not really able to trust cryptocurrency exchanges,” Nima Dehqan, a researcher at the Tehran-based blockchain project Areatak, said. “That isn’t really something new.” BitMex and Bittrex are just a few of the many exchanges that banned Iranian users over the past year, sometimes without refunding the crypto they held for these customers.

“It would be difficult [for the exchanges] to serve users in these jurisdictions if they want to serve American citizens,” John Collins, a partner at the FS Vector consulting firm in Washington, D.C., and former head of policy at Coinbase said. “It’s logical to say that many companies are looking to the States right now and adapting to the U.S. regulation.” Binance doesn’t have any operations in the U.S. and regulators have been paying the most attention to local companies. Mahmoud Eskandari, a Binance user and blockchain developer in Tehran, said he worries the government wants to “completely dominate the economic crisis” by controlling the crypto market.
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