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.

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16 November, 2018 12:46

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