News for hackers. Stuff that matters.

A comment on Binance served crypto traders in Iran despite U.S. sanctions. Parent comment

Re:Binance served crypto traders in Iran despite U.S. sanctions by olalonde on Monday July 11, 2022 @08:10AM (#32055049)
I don't believe that's how it works. There are plenty of businesses that do business with both Iran and USA, without apparent issue. Xiaomi (https://www.xiaomiiran.ir/), Samsung (https://www.samsung.com/iran/) or LG (https://www.lg.com/ir) for example.
[ Parent | on HN ]
Re:Binance served crypto traders in Iran despite U.S. sanctions by JumpCrisscross on Monday July 11, 2022 @08:15AM (#32055111)
> don't believe that's how it works

It is.

> Xiaomi for example

Xiaomi was blacklisted [1]. Their CFO was arrested in Canada for fucking this up [EDIT: Nope!]. Xiaomi turned off their devices in Iran last year [2] in a bid to lift the restrictions.

> Samsung

There was a brief respite in sanctions during the nuclear deal. The pages you’re citing are from that era. Samsung withdrew from Iran [3]. Iran, for good measure, responded by banning them [4].

[1] https://www.cfo.com/accounting-tax/2021/01/xiaomi-and-cnoonc...

[2] https://www.globaltimes.cn/page/202109/1234058.shtml

[3] https://asia.nikkei.com/Spotlight/Iran-tensions/Iran-sanctio...

[4] https://asiatimes.com/2021/11/iran-bans-goods-from-south-kor...

[ Parent | on HN ]
Re:Binance served crypto traders in Iran despite U.S. sanctions by ionspin on Monday July 11, 2022 @08:21AM (#32055174)
> Their CFO was arrested in Canada for fucking this up

If I recall correctly, CFO of Huawei was arrested in Canada, not Xiaomi.

[ Parent | on HN ]
Re:Binance served crypto traders in Iran despite U.S. sanctions by makomk on Monday July 11, 2022 @09:18AM (#32055751)
Yeah, and the thing that got Huawei in trouble was using a secret subsidiary to smuggle US-produced tech from US companies into Iran in violation of sanctions, not simply doing business with Iran themselves.
[ Parent | on HN ]
Re:Binance served crypto traders in Iran despite U.S. sanctions by rtpg on Monday July 11, 2022 @09:39AM (#32055964)
The way this works in general is you build silos around these kinds of things (similar things happen when companies need to work on military tech, they end up isolating things to avoid some liability transfers).

This is also beyond the general thing which is that you often have national-level subsidiaries that are only "sales partners" or the like.

I do think there's also some differences depending on the kind of goods sold. Binance existing and theoretically helping with circumvention of sanctions probably make it a beautiful target.

[ Parent | on HN ]