2026-2-25 13:19 |
Binance has rejected allegations that it retaliated against members of its internal investigations team after they flagged roughly $1.7 billion in cryptocurrency transfers linked to Iranian networks, pushing back on claims published by both The New York Times and The Wall Street Journal.
The reports detail findings from a 2024 internal probe that traced funds moving through Binance accounts to wallets associated with Iranian entities, including those tied to the Islamic Revolutionary Guards Corps, a US-designated terrorist organisation.
Investigators identified more than 1,500 accounts that had been accessed from Iran, in some cases through software designed to mask users’ locations.
According to the New York Times, approximately $1.7 billion flowed from two Binance accounts to Iranian-linked entities over 2024 and 2025.
One of the accounts was held by Blessed Trust, a Hong Kong-based payments firm that served as a fiat on- and off-ramp partner for the exchange.
Internal documents reviewed by the publications indicate that investigators presented their findings to senior leadership, including CEO Richard Teng and Chief Compliance Officer Noah Perlman.
Leung Ka Kui, a director at Blessed Trust, told the Times that the company did not knowingly facilitate transactions that breached sanctions or make payments to sanctioned Iranian entities.
He said its work with Binance was limited to routine operational disbursements such as invoices and payroll.
Blessed has maintained that it operates in accordance with applicable sanctions-screening and compliance standards.
The Wall Street Journal reported that the investigation also identified another Hong Kong entity, Hexa Whale Trading, which allegedly transferred about $500 million in USDT to a network of digital wallets referred to internally as “Entity A.”
Law enforcement officials cited in the Journal described that network as part of a shadow banking corridor linked to Iran’s Revolutionary Guard, used to facilitate payments related to sanctioned oil trade.
Investigators concluded that the funds ultimately supported Iran-backed groups, including Yemen’s Houthi movement, according to documents cited in both reports.
The Houthis have been designated by the United States as a terrorist organisation.
A central point of contention concerns what happened after the findings were escalated.
The Journal reported that executives dismantled the probe weeks after Binance founder Changpeng Zhao received a US presidential pardon in October, and that members of the investigative team were later dismissed.
The Times said at least four investigators were suspended or fired, with the company citing alleged mishandling of confidential client data.
Separately, Fortune has previously reported that several senior compliance officials have exited the company in recent months, including personnel involved in sanctions oversight, as Binance searches for a successor to Perlman, who is expected to depart later this year.
Binance denies allegationsIn a statement to crypto media, a Binance spokesperson said the company “strongly disputes the assertions made in recent reports,” adding that its internal review did not find evidence of sanctions violations related to the transactions described.
The spokesperson said Binance detected and reported suspicious activity to authorities and removed the accounts involved.
The company also pointed to declining exposure metrics.
In a recent post on X, Binance said it had reduced direct exposure to the four largest Iranian crypto exchanges by 97.3% between January 2024 and January 2026, from $4.19 million to $0.11 million.
“Public blockchains are permissionless,” the exchange wrote, noting that exposure to sanctioned jurisdictions cannot be reduced to zero because anyone can send funds to an exchange address.
Zhao, who stepped down as CEO following Binance’s 2023 settlement with US authorities, echoed that defence on X.
“Some media uses negative narratives (from fired employees). Binance uses data. Best compliance program in the industry, by far!” Zhao wrote.
The renewed scrutiny comes as Binance continues to operate under the terms of its 2023 plea agreement with the US Department of Justice.
Binance admitted to anti-money-laundering and sanctions violations, agreed to pay $4.3 billion in penalties, and committed to enhanced compliance oversight, including cooperation with independent monitors.
Subsequently, Zhao served four months in prison in 2024 before being pardoned by President Donald Trump last October.
The post Binance disputes media claims over $1.7B Iran-linked transactions appeared first on Invezz
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