Binance, the world's second-ranked crypto exchange, has once again warned its Iranian users to withdraw all their funds as the platform is forced to comply with US sanctions.
In emails sent to Iranian users, Binance asks everyone who is subject to sanctions to close their accounts and withdraw their assets from the site as soon as possible. Iranian account holders who had completed the KYC procedure and confirmed Iranian citizenship had received such letters before, but after the resumption of US sanctions, the number of letters increased sharply. This also applies to exchanges in Malta, where accounts associated with Iranian IP addresses have already been closed.
Previously, exchanges such as Bithumb, Bittrex and BitMex have already blocked the accounts of Iranian traders, adapting to US legislation.
However, narrowing the range of crypto trading options did not extinguish crypto fever among Iranians. Recent events have forced the Iranian crypto community to come together to create local businesses and support networks. Several crypto groups on Telegram or WhatsApp are actively trying to create a local infrastructure for crypto market enthusiasts. Fears of being cut off from the global crypto trading market are causing many Iranian enthusiasts to create small farms to mine crypto assets rather than rely on external crypto platforms.
The Iran Blockchain Association believes that the Binance news does not have a significant impact on the local crypto community. And sanctions do not in any way affect Bitcoin mining, which is truly profitable in Iran compared to other countries. Over the past year alone, more than 1,000 small and large crypto-asset mining farms have emerged, creating infrastructure and providing miners with their income thanks to cheap electricity.
Against the backdrop of such trends, local regulators cannot stand aside and are actively preparing the legal and tax base for the growing mining industry. In addition, Iranian authorities plan to introduce national cryptocurrency similar to the Venezuelan Petro.
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