Since 2018, cryptocurrency exchange Binance has carried out $8 billion worth of Iranian transactions despite being hit with US sanctions, according to Reuters.

Approximately $7.8 billion has reportedly flowed between Nobitex, Iran’s largest crypto exchange, and Binance according to data used by blockchain analytics firm Chainalysis.

According to the report:

“Three-quarters of the Iranian funds that passed through Binance were in a relatively low-profile cryptocurrency called Tron that gives users the option to hide their identities.”

The US sanctions are intended to isolate Iran from the global financial system. However, Nobitex has come up with ways around them because it encourages its users to use Tron, a mid-tier token, for anonymous trading.

Industry data indicated that Binance was the largest crypto exchange for Tron trading. According to the report:

“The total volume of Iranian transactions flowing through Binance is much higher than through any other exchange. After Binance, the next most popular exchange for Nobitex users since 2018 was Seychelles-based KuCoin, which processed $820 million in direct and indirect transactions.”

Apart from Tron, the other cryptocurrencies used in Iranian transactions include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Tether (USDT), and Litecoin (LTC).

The report also revealed that $5 billion worth of crypto transactions took place between Binance and Iranian exchanges using middle layers.

Binance has reiterated in the past that it does not help illicit funds based on its transaction monitoring tools. Patrick Hillmann, a spokesperson for Binance, stated:

“Binance uses transaction monitoring and risk assessments to ensure that illegal funds are tracked, frozen, recovered, and/or returned to their rightful owner.”

Meanwhile, Ziya Sadr, an Iranian Bitcoin advocate, was recently arrested by the nation’s security forces, Blockchain.News reported.

Sadr’s arrest came amid widespread anti-government protests following the murder of a 22-year-old Iranian woman, Mahsa Amini, who died in police custody. Iranian authorities arrested at least 35 journalists in connection with the widespread demonstrations.

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