Reuters cross-checked each company's figures. Reuters obtained the Tron figures, along with further datasets covering the other crypto tokens, from three firms with access to Chainalysis' Reactor investigation software. The data include wallet addresses and a unique identification number for each transaction. The Tron dataset details over 1.15 million direct transfers between Binance and Nobitex since April 2020, when the first Tron flows were recorded. government agencies, only began fully supporting the tracing of Tron this May, according to an email Chainalysis sent to a client. Until recently, Tron has largely flown under the radar of cryptocurrency trackers. Some other major exchanges, including U.S.-regulated Coinbase and Gemini, do not list the token. In addition to the Tron token, the remainder of the Iranian transactions were in major cryptocurrencies bitcoin, ether, tether and XRP, and a smaller token, litecoin.īinance is the biggest market for trading Tron, according to industry data. Nobitex advises its 4 million customers on its website to avoid "the direct transfer" of crypto between Iranian and foreign crypto platforms to "maintain security."īinance spokesperson Hillmann told Reuters in June, in relation to the exchange's indirect exposure to illicit funds, that "what's important to note is not where the funds come from - as crypto deposits cannot be blocked - but what we do after the funds are deposited." He said Binance uses transaction monitoring and risk assessments to "ensure that any illegal funds are tracked, frozen, recovered and/or returned to their rightful owner." Crypto users seeking to cover their tracks often use sophisticated techniques to create complex chains of crypto transfers. Regulators say such "indirect" flows should be a red flag to crypto exchanges - an indicator of possible money laundering and sanctions evasion. The data reviewed by Reuters show that in total some $2.95 billion in crypto moved directly between Iranian exchanges and Binance since 2018.Ī further $5 billion in crypto moved between Iranian exchanges and Binance through layers of intermediaries, the data also reveal. As a result of these efforts, including real-time transaction monitoring in coordination with external vendors, between June of 2021 and November of 2022, Binance's exposure to Iranian-linked entities has seen an exponential decline." We are continually updating processes and technology as we learn about new risks and potential exposures.
Binance review 2020 full#
Hillmann said in the Binance statement that the company requires full "Know Your Customer" checks for all users "and residents of Iran are prohibited from opening or maintaining an account. Since Zhao's tweet in July, Binance has processed around $80 million in Iranian trades. But since then, the exchange has processed almost $1.05 billion in trades directly from Nobitex and other Iranian exchanges, according to the Chainalysis data, which runs to November of this year. In August 2021, Binance announced that customers would no longer be able to open accounts and use its services without identification. Nor did the Tron Network, based in the British Virgin Islands, and its founder Justin Sun. Nobitex didn't respond to questions for this article. The exchange's billionaire founder, Changpeng Zhao, tweeted: "Binance banned Iranian users after sanctions, 7 got missed/found a workaround, they were banned later anyways."īinance declines to give details of the location or the entity behind its exchange. The day of that article's publication, Binance said in a blog post that it follows international sanctions rules on Iran and blocks access to the platform to anyone based there.
Binance review 2020 series#
It was one of a series of Reuters investigations into Binance's troubled history with financial regulatory compliance. In July, Reuters revealed that Binance continued to serve clients in Iran and that the exchange's popularity in the Islamic republic was known inside the company. prohibitions on doing business with Iran, lawyers and trade-sanctions experts said. The transactions put the company at risk of falling afoul of U.S. Justice Department is pursuing an investigation into possible violations of money-laundering rules by Binance, which dominates the $1 trillion crypto industry, with over 120 million users.
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