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(MENAFN) Iran’s use of cryptocurrencies to combat the drawbacks of being cut off from the global financial system was generating headlines up until the catastrophic collapse of the digital-asset exchange FTX last week.
The leading cryptocurrency exchange Binance processed USD7.8 billion in Iranian cryptocurrency transactions since 2018, according to Reuters news agency, despite severe United States economic penalties against Tehran.
According to the report, almost all of the funds were transferred between Binance and Nobitex, Iran’s largest cryptocurrency exchange. Nobitex provides instructions on how to avoid penalties on its website.
Based on the Reuters investigation, Iranian transactions also involved smaller tokens like Litecoin and the less well-known cryptocurrencies Bitcoin, Ether, Tether, and XRP in addition to the Tron token.
Ali Plucinski, a cybersecurity expert with the risk intelligence firm RANE, was not surprised by the disclosures. She told Arab News, “Iran has increasingly utilized cryptocurrencies, and crypto mining, in recent years to evade US-imposed sanctions on its economy and to bolster domestic revenue with some success.”
MENAFN14112022000045014146ID1105177988
MENAFN14112022000045014146ID1105177988
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