An internal Binance investigation disclosed by the New York Times found that $1.7 billion was transferred to groups tied to Iran. The probe led to the dismissal or suspension of at least four staff members. Investigators traced activity across more than 1,500 Binance accounts opened by Iranian nationals between 2024 and 2025, with large sums moving through two accounts to entities backed by Yemen’s Houthi movement and other Iranian-support networks. About $1.2 billion of the funds originated from Blessed Trust, a Hong Kong payments company that Binance had partnered with.
Investigators also flagged flows linked to a cryptocurrency wallet controlled by the Islamic Revolutionary Guard Corps (IRGC), which is designated by the U.S. and other authorities as a terrorist organization. The findings were reported to Binance’s management, and weeks later the implicated staff faced disciplinary actions. Binance contends that the actions were for violations of customer data handling rules and denies any retaliatory motive connected to whistleblowing.
The case has drawn heightened attention because Binance founder Zhao Changpeng was reportedly pardoned by President Donald Trump last October after admitting to earlier anti-money-laundering violations, including a significant fine and a stint in federal custody. Binance has publicly denied any wrongdoing, with a spokesperson telling The Guardian that the cited transactions did not violate sanctions laws, and that the Iranian accounts in question were removed and reported to authorities.
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