Binance Warns Iranian Traders to Withdraw Crypto Amid Sanctions

Binance is advising its remaining users in Iran to withdraw their money as the cryptocurrency exchange seeks to comply with international sanctions.

"If you have an account with Binance and fall into that [sanctions] category, please withdraw your assets from Binance as soon as possible," reads an email received in recent days by Iranian users, according to several local sources.

This week it also began warning accounts connected to Iranian IP addresses to get their crypto out, several Iranian traders said.

BitMex and Bittrex are just a few of the many exchanges that banned Iranian users over the past year, sometimes without refunding the crypto they held for these customers.

Some vendors have even set up physical shops and conduct traditional KYC, just in case Iranian authorities ask about their activities.

Binance is cutting ties with Iranian customers at a time when Iranian authorities are reportedly moving forward with plans for a national cryptocurrency akin to Venezuela's petro.

Such concerns are driving many Iranian crypto fans to establish small mining operations, rather than rely on external platforms.

The narrowing range of exchange options has not dampened crypto fever among Iranians, however.

Dehqan said the Binance news isn't having a dramatic impact on Tehran's bitcoin community because more Iranians mine cryptocurrency or hodl their assets, to hedge against inflation, than engage in speculative trading.

According to Iranian news reports, local regulators are also hammering out a legal system for tallying this burgeoning mining industry.