BingX exchange openly supports Iranian users, defying US sanctions

[Saucemann]

Since the Binance money laundry case i've been following up cryptocurrency exchanges news and I just came across the news that one of the ones I use mainly-BingX, is enabling Iranian Rial to Tether trades? The question is, will terrorists be using their platform to launder money? Does this make BingX support terrorism indirectly?

Most other exchanges have this region restricted so I thought this was interesting move from their end. Would this be considered a OFAC violation? Any risk from this?

News source: https://twitter.com/Cointelegraph/status/1778876995444617257

[electronicash]

Since the Binance money laundry case i've been following up cryptocurrency exchanges news and I just came across the news that one of the ones I use mainly-BingX, is enabling Iranian Rial to Tether trades? The question is, will terrorists be using their platform to launder money? Does this make BingX support terrorism indirectly?

Most other exchanges have this region restricted so I thought this was interesting move from their end. Would this be considered a OFAC violation? Any risk from this?

News source: https://twitter.com/Cointelegraph/status/1778876995444617257

it's a Lithuanian exchange. unless the country doesn't have its sovereignty and is just under the colony of the US then they can call it defying US sanctions but did the US really warn them not to allow Iranians?

seem fine after all, the users submit KYC. we seem to be preaching BTC is freedom but when it comes to the Iranians, we don't want them to have this freedom?

people in that country are about to engage in a war, i think they deserve to get to save their wealth. it wouldn't be bad to have some humanity.

[goldkingcoiner]

I have never agreed with anything the Iranians have done, in respect to inner and outer politics, but Bitcoin belongs to everyone. Either we all have this freedom or none of us do. Exceptions create corruption.

[R1dwanRz]

I actually wanted to use that cex since they have been hosting some events. Now if I think about it after seeing your post, does it still mean it's a safer cex?

I heard that if the U.S goes full force on this, it will be a nightmare for every user who has been holding assets on their cex for trading.

[Bournesparks]

I actually wanted to use that cex since they have been hosting some events. Now if I think about it after seeing your post, does it still mean it's a safer cex?

I heard that if the U.S goes full force on this, it will be a nightmare for every user who has been holding assets on their cex for trading.

I'm also worried about the outcome, considering what they're doing is restricted by the SEC and might open up pathways to illicit funding and even terror. I think this should be checkmated ASAP, but before then, switching to a more policy compliance platform won't do no harm just to be on the safer side..🤷

[Jascrypt]

I actually wanted to use that cex since they have been hosting some events. Now if I think about it after seeing your post, does it still mean it's a safer cex?

I heard that if the U.S goes full force on this, it will be a nightmare for every user who has been holding assets on their cex for trading.

The aftermath of @SECgov on any echange hasn't been palatable and to stay SAfU; one need to look for a good alternative before the situation gets worse and the right call will be looking for exchanges that are in compliant with regulatory bodies.

[Faisal2202]

Since the Binance money laundry case i've been following up cryptocurrency exchanges news and I just came across the news that one of the ones I use mainly-BingX, is enabling Iranian Rial to Tether trades? The question is, will terrorists be using their platform to launder money? Does this make BingX support terrorism indirectly?

Your question is a little biased I mean openly? crypto should be open to everyone besides the fact what they are doing. I mean what the US or other governments are doing, is being hidden as most of the media outlets are there, it would become a political discussion so I won't discuss it here. I will only say, if SEC has asked BingX to not allow there services to Iranians then they should not as they might face trouble.

But if the exchange itself is saying they have no trouble with Iranian users, as in order to start trading they have to complete KYC first and if you know KYC is done then trading is allowed so no one could really do money laundering by doing KYC. I hope you know that.