4 ms·

Is Iran supposed supposed to be banned on Binance?

arjie 7mo ago
It's a US-sanctioned country so allied nations play along with the sanctions and Binance is located within that US sphere of influence so Iran is supposed to be currently banned, yes.
- hocuspocus 7mo ago
  It's not like Western(-ish) nations have much of a choice here. As soon as your banks and financial system depend on the USD in any way, it comes with a mandatory dose of US imperialism and extraterritorial jurisdiction.
  - throwaway85825 7mo ago
    For people doing legitimate commerce this is a pro not a con.
    - hocuspocus 7mo ago
      And who defines legitimate? The same lunatics who regularly shit on international laws?
    - glenngillen 7mo ago
      Yeah, I love how my legitimate foreign business that is solely owned and controlled by 2x legitimate foreign nationals with a legitimate foreign bank account has to supply documentation proving it's not American in order to prevent the IRS just unilaterally declaring it'll tax my account as if it was a US entity /s
carshodev 7mo ago
Every US company/citizen is not allowed to do trade with Iran due to the ITSR laws except under highly specific situations. It gets more complex if a company is multinational though. A citizen can travel to Iran but even if they buy something there on holiday if they bring it back to the US they need to go through complex customs procedures to make sure its legally brought back in.
- embedding-shape 7mo ago
  > Every US company/citizen [...] if they bring it back to the US Is that relevant here? > Binance Holdings Ltd., branded Binance, [...] was founded in 2017 by Changpeng Zhao. Binance was initially based in China, then moved to Japan, subsequently left Japan for Malta, and currently has no official company headquarters. The founder seems to have been born in China and is Canadian. I still also don't understand if Iran is supposed to be banned on Binance or not.
  - giarc 7mo ago
    "flowed from two Binance accounts to Iranian entities with links to terrorist groups, a possible violation of global sanctions."
    - embedding-shape 7mo ago
      "Global sanctions" being US sanctions? Which one of those are the ones that apply to entities in Malta, or wherever there HQ "isn't"?
      - disgruntledphd2 7mo ago
        Yeah basically, but weaponised globally through the dollar system. Basically, if you interact with sanctioned entities you get cut off from banks with dollar assets (basically all of them). This is how the financial system currently works.
        embedding-shape 7mo ago
        So going back to the original question, "Is Iran supposed supposed to be banned on Binance?" still doesn't have a clear answer? It might be that Binance are OK with being cut off from banks or what not, and since there is no thing like "global sanctions", and Binance doesn't seem related to the US either legally or by the individuals running the company, they probably don't need to have Iran banned?

arjie 7mo ago

It's a US-sanctioned country so allied nations play along with the sanctions and Binance is located within that US sphere of influence so Iran is supposed to be currently banned, yes.

hocuspocus 7mo ago
It's not like Western(-ish) nations have much of a choice here. As soon as your banks and financial system depend on the USD in any way, it comes with a mandatory dose of US imperialism and extraterritorial jurisdiction.
- throwaway85825 7mo ago
  For people doing legitimate commerce this is a pro not a con.
  - hocuspocus 7mo ago
    And who defines legitimate? The same lunatics who regularly shit on international laws?
  - glenngillen 7mo ago
    Yeah, I love how my legitimate foreign business that is solely owned and controlled by 2x legitimate foreign nationals with a legitimate foreign bank account has to supply documentation proving it's not American in order to prevent the IRS just unilaterally declaring it'll tax my account as if it was a US entity /s

carshodev 7mo ago

Every US company/citizen is not allowed to do trade with Iran due to the ITSR laws except under highly specific situations. It gets more complex if a company is multinational though. A citizen can travel to Iran but even if they buy something there on holiday if they bring it back to the US they need to go through complex customs procedures to make sure its legally brought back in.

embedding-shape 7mo ago
> Every US company/citizen [...] if they bring it back to the US Is that relevant here? > Binance Holdings Ltd., branded Binance, [...] was founded in 2017 by Changpeng Zhao. Binance was initially based in China, then moved to Japan, subsequently left Japan for Malta, and currently has no official company headquarters. The founder seems to have been born in China and is Canadian. I still also don't understand if Iran is supposed to be banned on Binance or not.
- giarc 7mo ago
  "flowed from two Binance accounts to Iranian entities with links to terrorist groups, a possible violation of global sanctions."
  - embedding-shape 7mo ago
    "Global sanctions" being US sanctions? Which one of those are the ones that apply to entities in Malta, or wherever there HQ "isn't"?
    - disgruntledphd2 7mo ago
      Yeah basically, but weaponised globally through the dollar system. Basically, if you interact with sanctioned entities you get cut off from banks with dollar assets (basically all of them). This is how the financial system currently works.
      - embedding-shape 7mo ago
        So going back to the original question, "Is Iran supposed supposed to be banned on Binance?" still doesn't have a clear answer? It might be that Binance are OK with being cut off from banks or what not, and since there is no thing like "global sanctions", and Binance doesn't seem related to the US either legally or by the individuals running the company, they probably don't need to have Iran banned?