Despite sanctions: TOP 20 exchange openly supports Iranian users

The BingX cryptocurrency exchange provides an opportunity for sanctioned Iranian users to bypass restrictions.

She actively supports the Iranian audience by providing a full version of her website in Persian, as well as official statements in that language in her Telegram group.

According to a translation of one of the statements, “BingX has no problems with Iranian users, and even authentication through a national card is available.”
Moreover, the exchange allows you to exchange Iranian rials for Tether (USDT) directly in its interface, despite the prohibition imposed by the rules of the US Department of the Treasury's Office of Foreign Assets Control (OFAC).

BingX Admin Statement. Source: BingX official Telegram channel.

In one of the posts on the official BingX Discord channel, a user asked if there were any restrictions for registering from Iran, especially regarding the verification procedures on the platform. A BingX representative replied: “Just follow the instructions when registering.”

BingX Iranian User Registration Policy. Source: BingX Discord

Iran has been under various sanctions since 1979, accused by the United States and the United Nations of various violations of international law, including financing terrorism and nuclear enrichment. However, Iran denies these claims.
Such sanctions generally prevent Iranian residents from using centralized cryptocurrency exchanges, and exchanges risk being blocked from global markets for doing business with Iranians. According to the Office of Foreign Assets Control (OFAC), foreign financial institutions (FFIs) are at risk of sanctions if they engage in transactions with Iranian rials.

However, on the BingX exchange, the OFAC-sanctioned Iranian rial appears to be directly exchanged for other cryptocurrencies. This raises questions about compliance with international rules and sanctions.

BingX supports transactions in Iranian rials. Source: BingX

According to CoinMarketCap, BingX handles over $974 million in trading volume per day, placing it among the top 20 cryptocurrency exchanges in the world.
According to the official website, the BingX exchange is registered in the Republic of Lithuania as a financial services company, which gives it a license to do business in the European Union. It is also licensed in Australia as a digital currency exchange and is based in Singapore.

Like all global financial institutions, entities in Australia and Lithuania must comply with US Office of Foreign Assets Control (OFAC) sanctions, as well as any sanctions imposed on Iran by their home countries or the European Union.

Despite such requirements, the exchange publicly attracts users from Iran on its social channels and official website. Until November 2021, it was known as Bingbon.

BingX was founded by Josh Lu in 2018 and claims, which serves more than 10 million users. The nationality of its current founder is unknown.

According to another BingX representative, “Iran is on the list of restricted countries.” However, “this does not mean a ban on the provision of services.” In addition, the exchange also advertises its Iranian rials and states: "Did you know that you can buy and sell Tether with rials on Bing X?"
Reply from BingX
On April 13, following the release, a BingX spokesperson said that Telegram user Mirzadeh, shown in the screenshots above, “is not an authorized BingX spokesperson and his statements do not reflect the official policy or position of our company.” Additionally, they stated that the rial to USDT swaps shown above are on an unauthorized subpage of the Paycat website. They emphasized that the official website of BingX is, and has no authority to represent BingX positions or views.

A BingX representative also said that Iranian users are not allowed on the exchange. However, following the publication, a BingX support representative stated that "there are no authentication requirements and Persian users can use the exchange."
Not the first time
BingX is not the only licensed cryptocurrency exchange that has been caught circumventing sanctions against Iranian users.

In July 2022, Reuters reported that the world's largest cryptocurrency exchange, Binance, serves Iranian citizens. Binance then denied this claim, saying that it “strictly” adheres to the sanctions requirements.

However, in November 2023, the exchange agreed to a $4.5 billion plea deal with the U.S. Department of Justice and the U.S. Treasury, acknowledging that it had failed to implement effective anti-money laundering policies.

The official BingX website for Iranian residents. Source: BingX

The AML Crypto team reminds you to be careful in conducting transactions, choosing counterparties, and applying all necessary methods to preserve your crypto funds. The consequences of the sanctions policy may affect not only exchanges, but also ordinary users.

And check your crypto wallet for cleanliness, perform AML address verification, track the transaction - this and more you can do in our solution Btrace. Free AML wallet verification for every new user. And if you do become a victim of a scam, then contact our specialists for blockchain investigation and return of stolen funds.
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