Binance warns its Iranian users to withdraw assets immediately following US sanctions

Renewed US sanctions imposed on the company are making it tougher for exchanges to support trading in Iran.

Major exchange Binance is warning Iranian traders to withdraw their assets from its platform immediately, following sanctions imposed on the country by the US.

The Malta-based exchange had blocked traders that carried Iranian passports as part of their ‘Know Your Customer’ protocol, but this week the company advised all users with an Iranian IP address to withdraw their assets, before swiftly closing their accounts, reports state.

“If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible,”  the company said in an email sent to users in Iran.

Reports have connected the email with the recently-renewed US sanctions on Iran.

Nima Dehqan, spokesperson for Iranian blockchain project Areatak, said that the concern “isn’t really something new,” and that cryptocurrencies aren’t very reliable for Iranian users. Last year, the BitMex and Bittrex exchanges banned Iranian customers – sometimes without refund, according to Coin Desk.

“We do actually have cryptocurrency groups in Telegram or WhatsApp for people who want to change their cryptocurrencies in person,” he said. “People have to trust each other. It’s a bit of closer-knit community in Iran.” [Source: CoinGape]

The Binance email isn’t likely to cause much concern to bitcoin users in Tehran however, as most users tend to mine the cryptocurrency or hodl their funds to protect against inflation.

“The sanctions don’t have much effect on mining bitcoin.” he added. “It’s actually profitable in Iran, compared to other countries.”

Indeed, Areatak has received so many mining contracts over the last year that local regulators are trying to establish a legal framework to account for the mining industry.

“All in all, you can actually access buying cryptocurrency in Iran and that’s the only thing that matters.”

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