According to a recent report, BingX was confirmed used by investors from Iran for transactions that might be considered a breach of international sanctions.
On the BingX Persian telegram channel, there is a Farsi version as well as an opportunity to facilitate the conversion of Iranian Rial to Tether (USDT), which is explicitly prohibited under the sanctions imposed by the US Treasury Department’s Office of Foreign Assets Control (OFAC).
Iran is targeted with sanctions for supporting terrorism and allegedly seeking nuclear power as well as nuclear weapons. The imposition of these penalties is generally aimed at denying Iranians any means of trading through centralized cryptocurrency exchanges. While BingX claims to be compliant, it appears to be breaking the regulatory framework.
Despite being incorporated in Lithuania and Australia, where firms are required to comply with the sanctions, BingX targets Iranian users and promotes its services. Using the Telegram channel and website served in Farsi, the exchange’s representatives indicated that providing services from Iran was not limited, as Iran did not enter the category of countries under sanctions.
However, BingX is not the first crypto exchange believed to have bypassed such sanctions. In 2022, Binance, which is now the world’s largest cryptocurrency exchange, faced similar accusations, and later admitted to not following anti-money laundering policies.
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