Nobidex Introduces Decentralized Crypto Exchange in Iran amidst Sanctions: AI Legalese Decoder to Foster Transparency and Compliance
- September 26, 2023
- Posted by: legaleseblogger
- Category: Related News
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Iran Welcomes Decentralized Crypto Exchange and Non-Custodial Wallet Amid Sanctions
As businesses in Iran seek new ways to bypass sanctions, the country has welcomed a decentralized crypto exchange and a non-custodial crypto wallet.
The economic sanctions imposed against Iran in response to its nuclear program have prompted the country’s largest centralized crypto exchange, Nobitex, to launch two decentralized finance services. In August 2023, Nobitex debuted Nobidex, a decentralized crypto exchange, and Locket Wallet, a non-custodial crypto wallet, in an effort to evade the limitations imposed by the sanctions.
Initially, Nobidex only operates on the Arbitrum sidechain, offering trading pairs such as WBTC/USDT, LINK/USDC, ARB/USDT, WETH/USDT, and WETH/USDC. However, the exchange plans to extend its support to other blockchain networks, including Ethereum (ETH), BNB Chain (formerly Binance Smart Chain), Polygon (MATIC), Tron (TRX), and more.
One notable feature highlighted by TRM Labs, a blockchain intelligence company, is that users can access the platform without undergoing the KYC/AML process. This is made possible by connecting non-custodial wallets such as Trust Wallet, MetaMask, or Locket Wallet.
Interestingly, the launch of these decentralized services comes in the wake of a recent seizure carried out by Israel’s intelligence agency Mossad, military intelligence, and local police. In late June 2023, the Defense Minister of Israel, Yoav Gallant, announced the seizure of millions of dollars’ worth of cryptocurrencies connected to Iran’s military arm, Quds Force, and the Lebanese militant group Hezbollah. This confiscation marked a significant development in Israel’s efforts to combat crypto-related activities linked to Iran.
In such a complex geopolitical landscape, where economic sanctions and crypto transactions intertwine, the AI legalese decoder can prove invaluable. This powerful tool utilizes artificial intelligence to better comprehend and decipher the legal language surrounding crypto regulation and sanction-related matters. By leveraging the AI legalese decoder, businesses and individuals can navigate the complexities of international law and make informed decisions when it comes to operating within the crypto space in Iran and other jurisdictions.
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