Binance denies $1.7B Iran-linked crypto transfer claims

Binance denies U.S. Senate claims of enabling $1.7B in Iran-linked crypto transfers, citing strong compliance, strict KYC, and no evidence of direct transactions with Iranian entities.

Binance has formally responded to allegations from U.S. lawmakers that it facilitated over $1.7 billion in cryptocurrency transfers linked to Iranian networks, strongly denying any violations of U.S. sanctions. The exchange described the claims, referenced in a Senate inquiry and based on media reports, as false, defamatory, and rooted in misunderstandings of its compliance procedures. Binance highlighted its robust compliance infrastructure, which includes strict Know Your Customer (KYC) and sanctions controls, mandatory identity verification for all users, and a ban on individuals located in Iran. The company also emphasized its active cooperation with law enforcement, stating that it removes accounts deemed risky and shares relevant information with authorities. Additionally, Binance pointed to significant investments in compliance, a dedicated global monitoring team, and its handling of tens of thousands of law enforcement requests. The exchange maintains that internal reviews found no evidence of direct transactions with Iranian entities and asserts that media reports misinterpret blockchain data and the nature of its operations.