NYT: Binance reveals $1.7 billion in transfers linked to Iran

Cryptocurrency exchange Binance has uncovered transfers totaling approximately $1.7 billion connected to Iran, The New York Times reports, citing sources.

According to the report, over the past year, Iranian residents gained access to more than 1,500 accounts on the Binance platform.

Funds from two of the exchange’s accounts were transferred to Iranian organizations linked to terrorist groups, potentially violating international sanctions. One of these accounts belonged to a seller operating on Binance.

Employees responsible for detecting violations reported the issue to management. However, four members of the investigation team were suspended or fired for disclosing confidential user information.

In 2023, the company pledged to crack down on bad actors who used its platform to move money, and said it had hired more than 60 employees with law enforcement or regulatory experience to address the problem.

But internal warnings about the Iranian transactions surfaced last year, in the months before President Trump granted a pardon to Binance’s founder, Changpeng Zhao, who had spent four months in federal prison in 2024 for his role in the firm’s crimes.

By Khagan Isayev