Crypto exchange denies allegations of processing illicit Iranian funds despite internal compliance alerts and prior regulatory penalties.
Binance denied a Wall Street Journal report alleging $850M in transactions linked to Iran, including accounts flagged by internal compliance teams. The exchange stated it had no knowledge of the activity, despite investigators recommending account closures and reporting to authorities in late 2024.
The report follows Binance’s 2023 guilty plea for anti-money laundering and sanctions violations, which resulted in a $4.3 billion fine. The Journal also claimed Iran’s central bank moved $107 million in crypto through Binance in 2025, while a foreign agency tracked $260 million in transactions tied to Iranian terrorist financiers.
Binance filed a defamation lawsuit against the Journal and reiterated its cooperation with regulators. The exchange emphasized its zero-tolerance policy for illicit activity but faces ongoing scrutiny from the Justice Department over alleged sanctions evasion.