Re:Binance served crypto traders in Iran despite U.S. sanctions
by apozem on Monday July 11, 2022 @09:42AM
(#32056002)
The answer to your question is contained within the linked article.
> Lawyers say this structure means Binance is protected from direct U.S. sanctions that ban U.S. firms from doing business in Iran. This is because the traders in Iran used Binance's main exchange, which is not a U.S. company. But Binance does run a risk of so-called secondary sanctions, which aim to prevent foreign firms from doing business with sanctioned entities or helping Iranians evade the U.S. trade embargo. As well as causing reputational damage, secondary sanctions can also choke off a company's access to the U.S. financial system.
I know it's the internet and everyone just reads the headline but you could at least Ctrl- or Cmd-F before commenting.
> Lawyers say this structure means Binance is protected from direct U.S. sanctions that ban U.S. firms from doing business in Iran. This is because the traders in Iran used Binance's main exchange, which is not a U.S. company. But Binance does run a risk of so-called secondary sanctions, which aim to prevent foreign firms from doing business with sanctioned entities or helping Iranians evade the U.S. trade embargo. As well as causing reputational damage, secondary sanctions can also choke off a company's access to the U.S. financial system.
I know it's the internet and everyone just reads the headline but you could at least Ctrl- or Cmd-F before commenting.