Binance, the world’s largest cryptocurrency exchange, said that thousands of accounts were unnecessarily closed.
According to some allegations, Binance said that many Iranian accounts were unnecessarily closed due to US sanctions. The allegations were made by some former employees of Binance.
Claims About Binance
As the world’s largest cryptocurrency trading platform, Binance has long remained the subject of intense public, political and regulatory scrutiny around the world.
Among the most controversial allegations against the exchange, the company reportedly served traders and firms in Iran for years despite US sanctions banning crypto-related activities.
According to knowledgeable people, the fact that a user is Iranian does not mean that they are prohibited from using Binance services. However, thousands of companies in this situation could not make this distinction, with some Iranian customers blocked when their accounts should not have been blocked.
Chagri Poyraz, Binance’s Head of Global Sanctions, thinks his company has come a long way in improving its compliance protocols, especially since last year. That said, the trading platform’s efforts to free its database from sanctioned customers often result in customers’ accounts being blocked, he said.
