Since 2018, crypto exchange Binance has carried out Iranian transactions worth $8 billion despite being slapped with U.S. sanctions, according to Reuters.
Reportedly, approximately $7.8 billion has flowed between Nobitex, Iran’s largest crypto exchange, and Binance based on data availed by blockchain analytic firm Chainalysis.
Per the report:
“Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users an option to conceal their identities.”
The U.S. sanctions are meant to cut off Iran from the global financial system. Nevertheless, Nobitex has devised ways to circumvent them because it encourages its users to utilize Tron, a mid-tier token, for anonymous trading.
Industry data indicated that Binance was the largest crypto exchange for Tron trading. Per the report:
“The total volume of Iranian transactions flowing through…
