BingX supports Iranian users, despite sanctions:

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Quote from: Phoenixtrader on April 13, 2024, 05:27:43 AM

Hey mates, good day! Just saw this today: BingX supporting Iran despite US sanctions. It got me thinking, and I've got lots of questions. Isn't this why the SEC sanctioned Binance, with similarities to KuCoin? Will assets on BingX be safe? What's your take on this?

I think they have registered business in British Virgin Islands, but it looks like they have background coming from China, with founder Josh Lu having ''unknown'' nationality.
It's no surprise to me they are not heavily affected by US sanctions and they surely don't plan expanding and registering as legal entity in US... they learned that lesson from binance ands CZ.

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Quote from: examplens on April 16, 2024, 09:19:11 AM

Quote from: tabas on April 16, 2024, 06:04:34 AM

Their legitimacy might be questioned based on their compliance, it seems that they're not compliant at all and this is their business. If OFAC has already given the sanction for their currency to be traded but BingX isn't compliant at all, that's their problem and they made themselves aware of future sanctions that will hit the exchange itself. But I think that this won't be a problem anymore globally, many exchanged have stopped their support here and there and even had hard time complying in US' standards. And as for the basis of these sanctions from US, they might or might not be obliged to follow and will just leave the region that they're supporting covered by the US laws. Anyway, if Bingx doesn't care at all, why should we be?

Maybe BingX doesn't care at this point, or at least they seem like they don't care about complying with anyone's regulations, but at some point when they do care, all the damage will be on their users.
I am not their user, but I believe that all their users should be concerned.

I'm not a user either and you're right that even if they don't care about such compliance and sanctions for the consequence of this decision that they have. Their users need to think about this action that they're having right now, we're not giving them a scare but they have to think as many times as they can if they've got funds still there and we always tell that people shouldn't keep their funds on exchanges.

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Quote from: examplens on April 16, 2024, 09:19:11 AM

Quote from: tabas on April 16, 2024, 06:04:34 AM

Quote from: Phoenixtrader on April 16, 2024, 02:30:53 AM

Times have changed mate, crypto regulations and compliance is a thing and when an exchange openly bycot regulations despite restrictions, then it's brings questions about their legitimacy imo.... About the other matter, maybe he uses the platform and just sharing his experience/tips which is normal buddy.

Their legitimacy might be questioned based on their compliance, it seems that they're not compliant at all and this is their business. If OFAC has already given the sanction for their currency to be traded but BingX isn't compliant at all, that's their problem and they made themselves aware of future sanctions that will hit the exchange itself. But I think that this won't be a problem anymore globally, many exchanged have stopped their support here and there and even had hard time complying in US' standards. And as for the basis of these sanctions from US, they might or might not be obliged to follow and will just leave the region that they're supporting covered by the US laws. Anyway, if Bingx doesn't care at all, why should we be?

Maybe BingX doesn't care at this point, or at least they seem like they don't care about complying with anyone's regulations, but at some point when they do care, all the damage will be on their users.
I am not their user, but I believe that all their users should be concerned.

True, I already saw some of their users on X asking if they should be concerned or withdraw their investment from the platform. I'm hoping they address this soon cos it' might lead to misuse of funds which could harm innocent people

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Quote from: tabas on April 16, 2024, 06:04:34 AM

Quote from: Phoenixtrader on April 16, 2024, 02:30:53 AM

Times have changed mate, crypto regulations and compliance is a thing and when an exchange openly bycot regulations despite restrictions, then it's brings questions about their legitimacy imo.... About the other matter, maybe he uses the platform and just sharing his experience/tips which is normal buddy.

Their legitimacy might be questioned based on their compliance, it seems that they're not compliant at all and this is their business. If OFAC has already given the sanction for their currency to be traded but BingX isn't compliant at all, that's their problem and they made themselves aware of future sanctions that will hit the exchange itself. But I think that this won't be a problem anymore globally, many exchanged have stopped their support here and there and even had hard time complying in US' standards. And as for the basis of these sanctions from US, they might or might not be obliged to follow and will just leave the region that they're supporting covered by the US laws. Anyway, if Bingx doesn't care at all, why should we be?

Maybe BingX doesn't care at this point, or at least they seem like they don't care about complying with anyone's regulations, but at some point when they do care, all the damage will be on their users.
I am not their user, but I believe that all their users should be concerned.

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Quote from: Phoenixtrader on April 16, 2024, 02:30:53 AM

Times have changed mate, crypto regulations and compliance is a thing and when an exchange openly bycot regulations despite restrictions, then it's brings questions about their legitimacy imo.... About the other matter, maybe he uses the platform and just sharing his experience/tips which is normal buddy.

Their legitimacy might be questioned based on their compliance, it seems that they're not compliant at all and this is their business. If OFAC has already given the sanction for their currency to be traded but BingX isn't compliant at all, that's their problem and they made themselves aware of future sanctions that will hit the exchange itself. But I think that this won't be a problem anymore globally, many exchanged have stopped their support here and there and even had hard time complying in US' standards. And as for the basis of these sanctions from US, they might or might not be obliged to follow and will just leave the region that they're supporting covered by the US laws. Anyway, if Bingx doesn't care at all, why should we be?

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For someone (affiliated with the exchange or not) to have such a big presence, and social following from Iran: https://www.instagram.com/bingxpersian.official/?hl=en

Means that this must have been going for a very long time now. I doubt they even care.

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Quote from: Potato Chips on April 14, 2024, 01:53:51 PM

Quote from: TheVeteranAngel on April 14, 2024, 09:57:11 AM

The exchanges you mentioned have a way of boycotting regulation which is why they mostly have issues...Binance have issues with many European countries including UK, Canada, Australia, Japan and many more..... When it comes to centralized exchanges, there are only a few that are regulatory compliant like Bitget and cryptocom

TBF, most successful exchanges starts as an off-shore company which is a typical initial setup to stay at the gray lines. Also pretty much one of the reasons why a lot of them were able to do a no-mandatory KYC policy (for purely crypto transactions) at first.

I never cared much about bitget TBH but I must say, you post about them a lot

Times have changed mate, crypto regulations and compliance is a thing and when an exchange openly bycot regulations despite restrictions, then it's brings questions about their legitimacy imo.... About the other matter, maybe he uses the platform and just sharing his experience/tips which is normal buddy.

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Quote from: TheVeteranAngel on April 14, 2024, 09:57:11 AM

The exchanges you mentioned have a way of boycotting regulation which is why they mostly have issues...Binance have issues with many European countries including UK, Canada, Australia, Japan and many more..... When it comes to centralized exchanges, there are only a few that are regulatory compliant like Bitget and cryptocom

TBF, most successful exchanges starts as an off-shore company which is a typical initial setup to stay at the gray lines. Also pretty much one of the reasons why a lot of them were able to do a no-mandatory KYC policy (for purely crypto transactions) at first.

I never cared much about bitget TBH but I must say, you post about them a lot

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Quote from: Potato Chips on April 13, 2024, 06:31:53 PM

Okay, I think this is a thing with exchanges or their support team 🤔

Didn't binance also had a controversy about their support helping some folks go around KYC? Kucoin support staff were also subtly encouraging US folks to use the platform despite being restricted because they had no mandatory KYC that time. It's likely more exchanges are doing similar stuff.

The exchanges you mentioned have a way of boycotting regulation which is why they mostly have issues...Binance have issues with many European countries including UK, Canada, Australia, Japan and many more..... When it comes to centralized exchanges, there are only a few that are regulatory compliant like Bitget and cryptocom

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Quote from: hugeblack on April 14, 2024, 05:41:11 AM

I think they can easily determine that you are using a VPN but after what happened yesterday they will be strict with members from Iran.
Does anyone know why countries such as Burundi, Congo, and Canada are banned? I can understand the reasons for banning Afghanistan and Cuba, as there were wars in those countries, but Canada?

I don't know much about Canada, but it's most likely due to their strict regulatory environment. I have seen a couple of big exchanges including Binance announce that they are pulling out because they cannot meet the unfair regulations.

Now, for Third World countries such as Congo or Burundi, it's actually not their own decision. Again the decision is made by the US, UN and all those financial regulatory authorities such as IMF since they control almost anything economic in those countries from grants, loans to mining minerals. They all have those lists of countries that are sanctioned by the US and probably European Union. To avoid getting into trouble with the regulatory bodies, the exchanges automatically follow the lists and ban the said countries.

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Quote from: OmegaStarScream on April 13, 2024, 04:16:57 PM

This happened back when were just starting and laws were not as strict as they are now, and they were not accepting my country. One of their team members asked me to simply choose France as a country IIRC and to just proceed to use their services.

I think they can easily determine that you are using a VPN but after what happened yesterday they will be strict with members from Iran.
Does anyone know why countries such as Burundi, Congo, and Canada are banned? I can understand the reasons for banning Afghanistan and Cuba, as there were wars in those countries, but Canada?

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Okay, I think this is a thing with exchanges or their support team 🤔

Didn't binance also had a controversy about their support helping some folks go around KYC? Kucoin support staff were also subtly encouraging US folks to use the platform despite being restricted because they had no mandatory KYC that time. It's likely more exchanges are doing similar stuff.

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Eventually, almost all these exchanges will receive threats, warnings, fines or sanctions from the SEC and the likes. This is because these exchanges just set up their business and initially don't give a damn about any regulations, and then they slowly start accepting some of them while ignoring others

Look at Coinbase which we all think is far more compliant, at the end of the day you still see SEC and all other forms of regulators trying to sue them.

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Quote from: SFR10 on April 13, 2024, 11:12:46 AM

Quote from: https://bingx.com/en-us/support/articles/360034028153-Disclaimer/

3. DISCLOSURE
...
Furthermore, BingX does not accept certain customers. To maintain our strong reputation in the market and ensure a robust compliant marketplace, we have decided to not seek nor accept customers from certain jurisdictions, such as Afghanistan, Burundi, Congo, Cuba, Canada, Mainland China, Hong Kong SAR, Macau SAR, Iran,

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Reminds me of e-coin (now known as Wirex) back when they first started. I think I already mentioned this story before in the forums...

This happened back when were just starting and laws were not as strict as they are now, and they were not accepting my country. One of their team members asked me to simply choose France as a country IIRC and to just proceed to use their services.

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Quote from: SFR10 on April 13, 2024, 11:12:46 AM

Quote from: Phoenixtrader on April 13, 2024, 05:27:43 AM

What's your take on this?

That's a very bold move by them, but I expect them to suffer the consequences soon...

Am I the only one who's not seeing any Persian/Iranian-related social account on their "community" page?
^{- There's also no IRT currency on their "Quick Buy" page for some reason!}
There's also this:

Quote from: https://bingx.com/en-us/support/articles/360034028153-Disclaimer/
3. DISCLOSURE
...
Furthermore, BingX does not accept certain customers. To maintain our strong reputation in the market and ensure a robust compliant marketplace, we have decided to not seek nor accept customers from certain jurisdictions, such as Afghanistan, Burundi, Congo, Cuba, Canada, Mainland China, Hong Kong SAR, Macau SAR, Iran,

Quite bold, they're definitely inviting the DOJ/SEC to their doorstep. They make a statement and flaunt the rules, ahah... If you're using a CEX, I'll suggest you DYOR to see if they comply with policies and regulations, you know? Let's hope platforms with regulatory compliance like Bitget continue to do so

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Quote from: Phoenixtrader on April 13, 2024, 05:27:43 AM

What's your take on this?

That's a very bold move by them, but I expect them to suffer the consequences soon...

Am I the only one who's not seeing any Persian/Iranian-related social account on their "community" page?
^{- There's also no IRT currency on their "Quick Buy" page for some reason!}
There's also this:

Quote from: https://bingx.com/en-us/support/articles/360034028153-Disclaimer/
3. DISCLOSURE
...
Furthermore, BingX does not accept certain customers. To maintain our strong reputation in the market and ensure a robust compliant marketplace, we have decided to not seek nor accept customers from certain jurisdictions, such as Afghanistan, Burundi, Congo, Cuba, Canada, Mainland China, Hong Kong SAR, Macau SAR, Iran,

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Quote from: AB de Royse777 on April 13, 2024, 08:32:51 AM

Is there any update about the charge put on Kucoin? The KCS token lost a lot of value since the day the news was out.

I don't think there is any new update about the charge, however the exchange founders have also been charged for conspiracy, and this article states that they are at large. I believe that Kucoin will reach a plea deal with the U.S., just the same way Binance did, what i am not sure of is how heavy their payment for settlement will be, and it is worth mentioning that Binance paid ~ $4.3 billion in settlement.

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Quote from: Phoenixtrader on April 13, 2024, 05:27:43 AM

Will assets on BingX be safe? What's your take on this?

Assets can never be 100% safe in a centralized exchange. It doesn't matter how big, or reputable the exchange is. One day something awkward can happen and boom the funds will be gone in a matter of minutes.
If you must, only keep funds that you use for day trading there. The rest, move it to secure external wallets.

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Quote from: Z-tight on April 13, 2024, 07:09:18 AM

Kucoin are charged because they didn't comply with AML laws, allowing people to trade without verifying their identity, and so using the exchange for money laundering, evading sanctions, etc, and it is similar to Binance's charges as well.

Is there any update about the charge put on Kucoin? The KCS token lost a lot of value since the day the news was out.

Quote from: Phoenixtrader on April 13, 2024, 05:27:43 AM

Hey mates, good day! Just saw this today: BingX supporting Iran despite US sanctions. It got me thinking, and I've got lots of questions. Isn't this why the SEC sanctioned Binance, with similarities to KuCoin? Will assets on BingX be safe? What's your take on this?

https://cointelegraph.com/news/bingx-exchange-iran-sanctions-evasion

With a centralized exchange this is possible. You are not safe with anyone. That's why decentralized exchanges are much needed and community need to use decentralized exchanges more frequently despite the technical challenges we usually face.

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Quote from: Phoenixtrader on April 13, 2024, 05:27:43 AM

Will assets on BingX be safe? What's your take on this?

Assets on centralized exchanges are never safe, your coins are only safe when they are in your self custody.

Quote from: Phoenixtrader on April 13, 2024, 05:27:43 AM

Hey mates, good day! Just saw this today: BingX supporting Iran despite US sanctions. It got me thinking, and I've got lots of questions. Isn't this why the SEC sanctioned Binance, with similarities to KuCoin?

It is kind of similar, but not totally. Kucoin are charged because they didn't comply with AML laws, allowing people to trade without verifying their identity, and so using the exchange for money laundering, evading sanctions, etc, and it is similar to Binance's charges as well. However, BingX seems to be complying with AML laws and all other requirements for registration on their exchange, their only 'offense' here would be allowing Iranians to trade on their exchange.

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