cryptojournalist
BingX, a well-known cryptocurrency exchange founded in 2018, is making headlines for its approach to Iranian traders. The platform has openly operated an Iranian version of its website and has communicated in Persian through its official Telegram group, showing it wants to connect with users in Iran.
In one of its messages, BingX stated, “We have no problem with Iranian users, and it is even possible to authenticate with a national card.” This welcoming attitude has raised concerns given the international sanctions against Iran.
Moreover, BingX allows swaps between the Iranian rial and Tether, which goes against the rules set by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC). This raises significant questions about the exchange’s compliance with global financial regulations.
With a daily trading volume exceeding $300 million, BingX is among the top 20 cryptocurrency exchanges in the world, according to CoinMarketCap, making its actions even more noteworthy in the crypto space.
Footnotes:
OFAC (Office of Foreign Assets Control): A U.S. government agency that enforces economic and trade sanctions against specific countries and regimes.
Tether: A stablecoin that is pegged to traditional currencies, mainly the U.S. dollar, to maintain price stability.
