BingX supports Iranian users, despite sanctions: - page 2.

AB de Royse777

legendary

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Quote from: Z-tight on April 13, 2024, 06:09:18 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, 04:27:43 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.

Z-tight

legendary

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Quote from: Phoenixtrader on April 13, 2024, 04:27:43 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, 04:27:43 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.

OmegaStarScream

staff

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This is a bit different to Binance and KuCoin because the article mentions that users can "verify their identities using their national ID" and not only use the exchange as a non-KYC users with low limits. This makes a big difference.

But with cointelegraph's article, I doubt this is something that's going to last for too long.

Phoenixtrader

member

Activity: 238

Merit: 11

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

Topic: BingX supports Iranian users, despite sanctions: - page 2. (Read 334 times)