Iranian users have to withdraw funds from Binance

Posted 16 November, 2018

Binance notified Iran-based users that they have to withdraw assets from the platform citing the compliance to the requirements under the US sanctions.

This is not the first such email, but the number has skyrocketed lately, as commented Sepehr Mohamadi, chairman of the board of the Blockchain Association of Iran. He said that Iranian residents have been receiving similar letters within the past few months.

According to the news reports, the exchange used to close accounts registered under Iranian passports for KYC policy. For now, it is said to take extra measures requiring all accounts with Iranian IP addresses to withdraw funds.

“If you have an account with Binance and fall into that sanctions category, please withdraw your assets from Binance as soon as possible,” reads an email to Iranian users.

It is worth mentioning that earlier some other trading platforms, including BitMEX and Bittrex, took similar measures against Iranian clients.

Despite these restrictions. Iran maintains its interest in crypto trading and mining, but the local market layers fear of the pressure that can come from the Iranian authorities in the light of the plans to launch the national digital coin. This scenario may mean that the state will take the dominant position in the crypto market.

Previous story

16 November, 2018 12:46

← Gate.IO rolls out crypto wallet

Gate.IO exchange announced a new crypto wallet project – Wallet.IO for a wide range of cryptocurrencies. The new storage solution is said to feature a higher level of security, similar to that offered by the banking system. Specifically, the new wallet will require multi-verification, including 2FA and Google Authenticator. The users can authorize in the Wallet.IO via their account on the exchange.

Gate.IO rolls out crypto wallet

Next story

15 November, 2018 17:39

Malaysia-based CIMB puts to use Ripple payment solution →

Malaysia's CIMB bank has become a member of the payment network RippleNet striving to boost cross-border payments. The RipplNet blockchain solution is expected to help Malaysian bank to expand its "proprietary remittance product SpeedSend". With this agreement, the companies will become able to improve the situation with the payments which used to be slow in SE Asia and provide regional clients with fast and cost-effective international transactions.

Malaysia-based CIMB puts to use Ripple payment solution
Write a comment
Prove you’re not a bot + 11 = 16