Binance faces scrutiny over Iran-linked transactions

Reports allege Binance moved $850M linked to Iran, possibly funding military groups. Binance denies wrongdoing, citing compliance and pre-sanction transactions. DOJ is investigating.

Multiple reports allege that Binance was used by Iranian financier Babak Zanjani to move around $850 million through a covert payment network. Some of these funds were reportedly linked to Iran's military and sanctioned entities. The Wall Street Journal and other sources cite internal Binance documents and foreign investigators, suggesting Iran's central bank and other actors transferred significant sums via the exchange. This has raised concerns about possible sanctions evasion and money laundering. The US Department of Justice has launched an investigation into whether over $1 billion flowed through Binance to Iran-affiliated groups, including Yemen's Houthi militants. Binance CEO Richard Teng has denied the allegations, stating transactions occurred before sanctions and that Binance flagged and investigated the accounts. Binance asserts its commitment to compliance and cooperation with authorities.