Following the recent sanctions imposed on Iran by the Government of the United States of America, the market for cryptocurrencies in Iran has been affected, as Binance and Bittrex exchange houses stopped providing their services to the Iranian people, according to the statements of the President of the Blockchain Community of Iran, Sephr Mohammadi.

Mohammadi indicated that Binance and Bittrex (as well as other foreign exchange houses not mentioned) withdrew the Persian country from the list of countries to which they provide cryptocurrency exchange services, which considerably obstructs that market, although he declared that the access of the clients to his cryptocurrencies has not been blocked.

 “Some virtual currency exchanges have imposed restrictions on Iranian users, but no assets belonging to the Iranians have been blocked.”

These sanctions have been imposed on Iran by the United States on 2nd November, which seeks to prohibit the commercialization of Iranian crude and gas, restrict the nation’s international market and limit the country’s access to the world banking system.

In this sense, this sanctions regime contemplates that all companies of US origin must comply with the call and stop the commerce in that country since otherwise, they could also suffer the consequences of sanctions due to contempt, as well as the Secretary of State of the United States, Mike Pompeo.

In addition, international measures have not only managed to obstruct Iran’s oil market but have also managed to affect the national cryptocurrency market that was at its peak.


Recently, Iran began its plans for the issuance of its own national cryptocurrency, with which they could “avoid international sanctions” and thus being able to develop economically, according to statements by a high-ranking government spokesman. The cryptocurrency mining industry was also legalized throughout the country, confirming an opening to the crypto market.

This market, was an object of attention of the Department of the Treasury in the United States, that through a document established last October, in which they claimed that Iran used the cryptactives to evade the imposed international sanctions and that is why something had to be done about it.

Similarly, it was also alerted to a group of fraudulent behavior and falsification of financial documents by governmental entities in Iran, allegations that were complemented by the investigations of Accenture’s iDefense cybersecurity group, which highlighted the possibility that Iran would work jointly with North Korea in the spread of ransomware on a global scale.

However, must also take into account that with cryptocurrencies such sanctions are not fully applied, because although the market for cryptographic assets is greatly limited due to legal impositions, there are also many cryptocurrency traders that have managed to devise new systems to allow the survival in the financial ecosystem of cryptocurrencies, anchoring for example in the peer-to-peer trade.

By Samuel Paz


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