- This is due to sanctions from the United States
- Some customers have had their accounts blocked without explanation
The world’s largest cryptocurrency exchange Binance has blocked thousands of customer accounts from Iran.
This is done because of U.S. sanctions. However, the company has been serving traders and firms in the country for years despite sanctions banning such activities.
Binance sanctions chief Chagri Poyraz said that any efforts to get rid of customers ended with accounts blocked.
“Still pathetic.. I will not decorate this. In my opinion, the problem is largely solved.
But I don’t divide people by nationality, because nationality doesn’t make them sanctioned,” Poyraz said.
When users’ accounts were blocked, they were usually offered withdrawals and sometimes given the opportunity to prove that they were legally resident outside of Iran..
Sometimes, however, these checks dragged on for months. During this period, customers could not make any transactions within the platform, nor could they transfer assets to another wallet.
The former Binance employees admitted that they were instructed by senior management to refrain from explaining to Iranian customers why their accounts were blocked and they needed to withdraw their funds because of their links to Iran.
“We could not tell them the reason for their ban.. We couldn’t tell them the truth,” one employee confirmed.