Exclusive-Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

Representations of cryptocurrency Binance are seen in front of displayed Iran flag in this illustration taken November 3, 2022. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite U.S. sanctions intended to cut Iran off from the global financial system, blockchain data show.

Almost all the funds, some $7.8 billion, flowed between Binance and Iran's largest crypto exchange, Nobitex, according to a review of data from leading U.S. blockchain researcher Chainalysis. Nobitex offers guidance on its website on how to skirt sanctions.