Following the renewed U.S. sanctions on crypto regulation which was activated on November 5, the Binance team has decided to call on its Iranian clients to warn notify them of the risk involved in leaving their asset on Binance as they would strictly adhere to the newly imposed sanction by the U.S. authority.
A day after the renewed U.S. sanction was released, Iranian users started receiving mails from Binance:
If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible,
The head of Blockchain association in Iran, Sepehr Mohamadi, confirms that such mails aren’t new to them anymore because they ‘ve received so many of such messages in the past but now the number of times they receive such mails is just too much, Maybe because the U.S. sanctions were being renewed recently.
Before the warning from Binance headquarters (Malta), some Iranian traders claimed that the firm has already started blocking user accounts who submitted Iranian passports at the time of carrying out their KYC exercise only for them to start reaching out to those whose IP addresses are still connected to the country, this week.
Over the years, this same country has suffered a lot from exchanges like Bitmex and Bittrex, due to this same issue (U.S. sanction orders), sometimes, they get banned without their consent and without refund of assets held by the exchanges.
Despite the trials and tribulations faced by the Iranian Traders in the crypto space, they still shew enthusiasm towards embracing the new technology in their country, even if it means doing it individually. The Country today is known as one of the country’s that has a vast growing population of crypto miners coupled with the fact that electricity is relatively cheap and the environment is also conducive to carry out the mining activities.