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Reuters
Reuters
Business
By Angus Berwick and Tom Wilson

Exclusive-Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

Binance Crypto Iran Nobitex Tron Chainalysis Changpeng Zhao Patrick Hillmann Binancecom Justin Sun
Representations of cryptocurrency Binance are seen in front of displayed Iran flag in this illustration taken November 3, 2022. REUTERS/Dado Ruvic/Illustration

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite U.S. sanctions intended to cut Iran off from the global financial system, blockchain data show.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading U.S. blockchain researcher Chainalysis. Nobitex offers guidance on its website on how to skirt sanctions.

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