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Reports say a network linked to Iranian tycoon Babak Zanjani moved $850 million to $2.5 billion via Binance, prompting U.S. investigations and Binance’s denial.
Iran is accused of moving billions of dollars through the cryptocurrency exchange Binance to finance its military and allied groups, according to internal compliance documents reviewed by the Wall Street Journal and other outlets [1]. The alleged network, tied to Iranian businessman Babak Zanjani, reportedly processed $850 million up to December 2025 and may be part of a larger $2.5 billion flow [4].
Key takeaways
Compliance reports obtained by the Wall Street Journal show that Zanjian’s primary Binance account remained active for up to 15 months after being flagged, and that the account alone handled $850 million in digital token transfers through December 2025 [1]. The same reports suggest the broader network may have moved as much as $2.5 billion, with $1.7 billion flagged in earlier coverage and an additional $850 million identified in the latest documents [1][4]. Analysts estimate that roughly $425 million of the total could have been directed to Iran’s Islamic Revolutionary Guard Corps or other military‑related entities [1].
Binance’s response to the allegations emphasizes that “the overwhelming majority of these transactions have nothing to do with the Binance platform” and that the exchange does not permit transactions with sanctioned individuals or wallets [1]. The company declined to comment on the specific transactions under scrutiny and has previously sued the Wall Street Journal for defamation over earlier reporting [1].
The revelations have spurred federal action. Senator Richard Blumenthal, chair of the Senate Homeland Security Committee, opened an inquiry into Binance’s internal controls, citing concerns that the exchange “ignored warnings and recommendations to prevent Iranian money‑laundering schemes” [2]. The Department of Justice has also launched a probe into Iran’s use of Binance to evade sanctions and fund proxy groups, including Yemen’s Houthi militants [2]. In May 2026, the Treasury Department privately demanded that Binance strictly adhere to the compliance monitoring program established under its 2023 anti‑money‑laundering settlement [2].
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If the allegations are accurate, they illustrate how sanctioned states can exploit permissionless blockchain networks to bypass traditional financial controls, raising questions about the effectiveness of existing crypto compliance regimes. Ongoing U.S. investigations and congressional oversight could lead to heightened regulatory requirements for exchanges, potential fines, or further legal action against Binance. The dispute over internal whistleblower treatment also highlights the challenges exchanges face in balancing rapid growth with robust anti‑money‑laundering safeguards.
AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 4 outlets · Jun 2, 2026 · How we report