Binance asks Iranian users

Binance asks Iranian users to withdraw assets due to sanctions

Binance has ordered Iranian clients who continue to use its site to withdraw their assets as it seeks to comply with US sanctions.

“If you have an account on Binance and you are in the sanctioned category, please withdraw your assets as soon as possible,” CoinDesk quotes an excerpt from a letter sent to Iranian users..

The chairman of the Iranian Blockchain Association, Sefer Mohamadi, said that such letters have been received by local residents for several months, but recently their number has increased against the backdrop of new US sanctions imposed on November 5.

According to local sources, Binance previously closed only the accounts of users who provided an Iranian passport during the verification process. Now she has begun to warn also users who use Iranian IP addresses to gain access to the exchange..

“Iranians cannot trust cryptocurrency exchanges“, Said Nima Dehkan, a researcher at the Tehran blockchain project Areatak. “But this is not news”.

Earlier, BitMEX, Bittrex and several other cryptocurrency exchanges have resorted to similar practices in relation to residents of Iran..

While the popularity of cryptocurrency trading and mining in Iran persists, local residents fear that they will experience pressure from their own authorities, planning to launch a national cryptocurrency following the example of Venezuela and establish “complete dominance in an economic crisis” by taking control of the cryptocurrency market.

Binance asks Iranian users to withdraw assets due to sanctions Binance has ordered Iranian customers who continue to use its platform to withdraw their assets as it seeks to comply with US sanctions.

“The sanctions don’t have a big impact on Bitcoin mining. It is still profitable in Iran when compared with other countries, “Dehkan added, noting also that the Iranian cryptocurrency community is represented mainly by miners and hodlers, rather than speculators..

Earlier, Bittrex exchange promised not to block users from Russia in connection with US sanctions.