For months now, Iranians have been receiving emails from Binance exchange directing them to withdraw their digital assets and stop using the exchange. Basically, Binance is kicking out its users based in Iran, but it’s not really the company’s own fault. Binance is only doing this in an attempt to comply with the recent sanctions slapped on Iran by the United States.
According to John Collins, many companies are making huge efforts to maintain their status in the US market, and that means going by the rules put in place by the US government. John Collins is the former head of Policy for Coinbase, and he now works as a partner at FS Vector, a Washington-based consulting firm. With the US reviving its sanctions on Iran, Binance finds itself in a corner because it can no longer serve Iranians and US citizens at the same time – especially now that about 13% of its total user traffic originates from the United States.