Binance moved more than $1.7 billion from its accounts to wallets linked to sanctioned Iranian groups, including the IRGC, according to internal documents. The documents describe a ‘Chinese Nexus’ in which VIP accounts transferred USDC to the Iranian exchange Nobitex. Binance said the wallets were not sanctioned at the time, so alerts were not triggered.
The disclosures raise questions about screening and compliance practices within the exchange. This episode underscores the ongoing importance of robust anti-money laundering controls and enhanced monitoring of transfers involving sanctioned entities.
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