Crypto Exchange Ethics: BingX defiles US and DOJ standing order.

[CryptoTalisman]

Source: https://cointelegraph.com/news/bingx-exchange-iran-sanctions-evasion [nofollow]

The crypto industry has evolved and witnessed massive growth in the last decade. Centralized exchanges have played a very significant role in this journey but if care is not taken, the growth of the industry might be hindered if some exchanges won't follow the rules of engagement.

We all know how the crypto market has been a place for dirty money in the past prompting the need for KYC, AML and terrorists financing act by the security and exchange commission (SEC) but it's quite disheartening to wake up to news that BingX, a notable crypto exchange is still providing crypto service to Iranian despite US sanction not to allow the region have access to crypto due to varying factors like terrorist financing and purchase of weapon and firearms via crypto payment.

No doubt there is a lot of money in Iran and many exchanges will want to take advantage of the fertile ground but considering the risk, I think BingX management didn't think well to approve such dealing and the worst case scenario is allowing users withdraw staggering amount of money without KYC verification.

Looking at the gravity of the offense committed, am damn sure that the DOJ and SEC would definitely need and explanation from the exchange which obviously won't be palatable. Users are already in panic and many withdrawing their funds. Do you think this issue is capable of bringing the exchange down? Share your thought.

[Zed0X]

~ it's quite disheartening to wake up to news that BingX, a notable crypto exchange is still providing crypto service to Iranian despite US sanction not to allow the region have access to crypto due to varying factors like terrorist financing and purchase of weapon and firearms via crypto payment.

It's currently ranked 25 on Coingecko and I hardly consider that as notable. I only found out about the exchange because of this post. Having said that, it looks like they do not have any office in the United States.

BingX is an international digital services financial institution, with branch offices in Asia, Oceania, Europe, and South America. BingX has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.

No wonder they ignore any US sanctions. They should be more concerned with EU and Australia.

[CryptoTalisman]

~ it's quite disheartening to wake up to news that BingX, a notable crypto exchange is still providing crypto service to Iranian despite US sanction not to allow the region have access to crypto due to varying factors like terrorist financing and purchase of weapon and firearms via crypto payment.

It's currently ranked 25 on Coingecko and I hardly consider that as notable. I only found out about the exchange because of this post. Having said that, it looks like they do not have any office in the United States.

BingX is an international digital services financial institution, with branch offices in Asia, Oceania, Europe, and South America. BingX has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.

No wonder they ignore any US sanctions. They should be more concerned with EU and Australia.

Not having office in the United State doesn’t mean they should sponsor terrorism. Regardless of where ever they belong, cryptocurrency shouldn’t be use to sponsor terrorism.

You are right on point, if crypto is a means to finance terrorism, then the future of crypto might be in danger because most governments of the world wouldn't want such. Imagine the situation ramping up in the middle east currently between Iran and Isreal, most people are already pointing accusing fingers at Bingx after these news surfaces...I think crypto exchanges should be ready to comply with all regulations to avoid unnecessary drama or they risk been banned

[Best]

~ it's quite disheartening to wake up to news that BingX, a notable crypto exchange is still providing crypto service to Iranian despite US sanction not to allow the region have access to crypto due to varying factors like terrorist financing and purchase of weapon and firearms via crypto payment.

It's currently ranked 25 on Coingecko and I hardly consider that as notable. I only found out about the exchange because of this post. Having said that, it looks like they do not have any office in the United States.

BingX is an international digital services financial institution, with branch offices in Asia, Oceania, Europe, and South America. BingX has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.

No wonder they ignore any US sanctions. They should be more concerned with EU and Australia.

Not having office in the United State doesn’t mean they should sponsor terrorism. Regardless of where ever they belong, cryptocurrency shouldn’t be use to sponsor terrorism.

I won't say for sure they're supporting terrorists. They're good citizens there who also uses the BingX services. The main issue is them accepting Deposits and allowing a huge amount to be withdrawn without KYC.

For now, the officials in charge haven't said a word but we all know what would come next so I suggest others that are using the cex but aren't a citizen of Iran should option-in different cex. Like Bitget or even Binance but I'm not too certain about the latter as they are restricted in some regions. At least any of the top 5 exchanges to be in a safer side.

[Zed0X]

~

BingX is an international digital services financial institution, with branch offices in Asia, Oceania, Europe, and South America. BingX has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.

No wonder they ignore any US sanctions. They should be more concerned with EU and Australia.

Not having office in the United State doesn’t mean they should sponsor terrorism. Regardless of where ever they belong, cryptocurrency shouldn’t be use to sponsor terrorism.

I don't care what you think what they should and shouldn't do or how crypto should be used, the reason why I pointed that out is jurisdiction. The context is that OP is arguing about US sanctions and I said they are not registered in the US.

[joniboini]

Like Bitget or even Binance but I'm not too certain about the latter as they are restricted in some regions. At least any of the top 5 exchanges to be in a safer side.

What do you mean by safer though? The chance they close down due to sanction is low? Didn't Binance face many charges from the US too? I'm not sure who can define how the exchange should behave ethically, but I don't think having some sort of privacy is a tall demand.

On the other hand, users who use non-KYC exchanges probably do that because they don't want to deal with KYC and risk their personal data, so suggesting they move to the top 5 or whatever exchanges will certainly attract more interest and require KYC is probably not a good idea. Maybe they should look at DEX like Bisq if privacy is their goal.