Every US company/citizen is not allowed to do trade with Iran due to the ITSR laws except under highly specific situations.
It gets more complex if a company is multinational though.
A citizen can travel to Iran but even if they buy something there on holiday if they bring it back to the US they need to go through complex customs procedures to make sure its legally brought back in.
> Every US company/citizen [...] if they bring it back to the US
Is that relevant here?
> Binance Holdings Ltd., branded Binance, [...] was founded in 2017 by Changpeng Zhao. Binance was initially based in China, then moved to Japan, subsequently left Japan for Malta, and currently has no official company headquarters.
The founder seems to have been born in China and is Canadian.
I still also don't understand if Iran is supposed to be banned on Binance or not.
Yeah basically, but weaponised globally through the dollar system. Basically, if you interact with sanctioned entities you get cut off from banks with dollar assets (basically all of them).
So going back to the original question, "Is Iran supposed supposed to be banned on Binance?" still doesn't have a clear answer?
It might be that Binance are OK with being cut off from banks or what not, and since there is no thing like "global sanctions", and Binance doesn't seem related to the US either legally or by the individuals running the company, they probably don't need to have Iran banned?
> So going back to the original question, "Is Iran supposed supposed to be banned on Binance?" still doesn't have a clear answer?
I mean, theoretically not, but practically yes. Basically every bank has dollar reserves and as such get caught up in the sanctions screening process. Again, sanctions are most problematic for entities when used by the US, but the EU and other governments also do this, and if you want to transact in a governments currency, then you need to follow the sanctions laws (severe violations can lead to license revokation which basically kills your business).
Unless you have no connection to the fiat ecosystem, then you are gonna end up subject to these laws. And if you have no connection to the fiat ecosystem, you won't be a particularly useful service to most people or businesses.
Ok, but isn't that then up to Binance to decide themselves, if to allow that to happen or not? Lots of people here seem to assume because US embargoes say this or that, means Binance should obviously make one particular choice, but shouldn't that be up to Binance and/or whatever jurisdiction they're in, in actuality?
It's totally up to binance, but being absolutely unable to transact in dollars is a pretty harsh penalty. Normally prison sentences are involved for whoever the head of the US entity is.
It gets more complex if a company is multinational though.
A citizen can travel to Iran but even if they buy something there on holiday if they bring it back to the US they need to go through complex customs procedures to make sure its legally brought back in.