The investigation centers on whether crypto transfers on Binance helped channel funds linked to Iran-backed networks and proxy groups after an internal Binance review identified more than $1 billion in flows. U.S. authorities are examining whether Binance or its users were involved.
Binance has denied directly transacting with sanctioned entities and said it cooperated with law enforcement while shutting down suspicious activity. The exchange later concluded a smaller amount, about $24 million, had entered wallets associated with Iran’s Islamic Revolutionary Guard Corps. The case adds to broader scrutiny of cryptocurrency’s role in Iran’s sanctions-evasion framework.
Earlier reporting described Iranians accessing more than 1,500 Binance accounts, with about $1.7 billion moved to proxy groups. A January 2026 report said Iran’s Defense Ministry export body openly offered cryptocurrency payments for military contracts, highlighting crypto as another tool to bypass sanctions on arms-related transactions. U.S. authorities are scrutinizing whether cryptocurrency transfers on Binance moved funds linked to Iran-backed networks and proxy groups. The inquiry follows an internal Binance review that identified more than $1 billion in flows and focuses on possible involvement by the exchange or its users.
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