WASHINGTON (dpa-AFX) - Binance, the world's largest cryptocurrency exchange, has reportedly uncovered transactions linking the platform to Iranian entities, according to reports by The New York Times and The Wall Street Journal.
A team of Binance compliance investigators allegedly found that individuals in Iran had accessed more than 1,500 accounts on the exchange. Two of those accounts were said to have facilitated $1.7 billion in transfers to Iranian-backed groups, including Yemen's Houthi militants, during 2024 and 2025.
The investigators reportedly escalated their findings to senior leadership but later faced disciplinary action, with several employees suspended or dismissed over alleged protocol violations tied to handling client data.
Binance denied any wrongdoing, stating it did not violate sanctions laws and rejecting claims that staff were punished for raising compliance concerns.
Changpeng Zhao, who founded Binance in 2017 and built it into the world's largest crypto exchange, pleaded guilty in 2023 to money laundering violations, paid a $50 million fine, and stepped down as CEO. Binance also agreed to pay more than $4 billion in penalties and submit to compliance monitoring.
Former U.S. President Donald Trump defended the pardon granted to Zhao, describing the prosecution as politically motivated.
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