WSJ: Iran moved billions of dollars via cryptocurrency exchange Binance

A network linked to Iranian businessman Babak Zanjani may have used cryptocurrency exchange Binance to finance Iran’s Islamic Revolutionary Guard Corps (IRGC), The Wall Street Journal reports, citing sources.

The outlet described Babak Zanjani as a key sanctions evader for Tehran.

It said, according to the investigation, approximately $850 million in cryptocurrency passed through accounts tied to the network over the past two years.

Sanctions experts say part of the funds may have been used to finance entities linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).

The report says Binance had issued internal warnings about suspicious activity, but some accounts reportedly continued operating for months.

These included accounts associated with the crypto company Zedcex and individuals linked to Zanjani.

One main account allegedly remained active for at least 15 months and was still operational as of January 2026, despite internal alerts about suspicious transactions.

Binance rejected the allegations, stating that it does not allow transactions involving sanctioned individuals and that it has significantly strengthened its compliance and anti–money laundering systems in recent years.

By Bakhtiyar Abbasov