The Wall Avenue Journal (WSJ) has revealed that crypto trade Binance has facilitated billions of {dollars} extra in Iran-linked crypto transfers.
The publication studies that an Iranian financier and self-proclaimed “antisanction” operator, referred to as Babak Zanjani, used Binance to motion $850 million price of transactions in 2024 and 2025.
Binance compliance paperwork point out that Zanjani did most of this from a single account, and that, regardless of Binance flagging the account a number of occasions, it was open for at the very least 15 months.
Zanjani’s most up-to-date transactions seem to have been made in December, and in 2025 alone, he despatched $107 million from his digital wallets to Binance accounts.
Along with these actions, WSJ studies that overseas legislation enforcement businesses have discovered funds persevering with to maneuver all through 2026 to Iran-linked entities through Binance accounts.
It notes that within the two years previous the US/Israel battle with Iran, Binance has facilitated billions of {dollars} price of crypto transactions that have been despatched to entities linked to Iran’s Islamic Revolutionary Guard Corps.
WSJ additionally studies that final March, US Treasury officers met Binance executives to lift considerations over its compliance with its monitorship settlement that was struck in its 2023 plea deal.
Based on the publication and the previous compliance staff it spoke to, Binance executives tried to protect its operations from the screens as they have been apprehensive that compliance would gradual development.
Who’s Babak Zanjani?
Zanjani is a former sheepskin dealer turned rich businessman. Iran sentenced him to demise in March 2016 after he was discovered responsible of embezzling billions of {dollars} from the nation’s Nationwide Oil Firm.
His sentence was later commuted in 2024. One 12 months later, he went on to safe a $750 million authorities contract for his conglomerate, Dotone Group, to construct 1000’s of rail automobiles for Iran.
He was first blacklisted by the US in April 2013. Then, in January 2026, he, alongside along with his two UK-registered digital asset corporations, Zedcex and Zedxion, have been sanctioned by the US for financially backing the Iranian regime and serving to it launder funds.
The US claims Zedcex has processed over $94 billion in transactions.
Iran gives bitcoin-based safety racket for Strait of Hormuz
WSJ studies that Zedcex acquired funds from Iranian oil gross sales that have been despatched through banks in Turkey. It then reportedly used its Binance company account to switch funds to IRGC-linked digital wallets.
It made $830 million in whole transactions between 2024 and 2025.
Binance compliance studies present that the account triggered inside alerts when it was accessed from Tehran in late 2024, and went on to set off 12 extra by November 2025.
Dotone Group hasn’t been sanctioned and is behind enterprises involving logistics, ride-share automobiles, and cryptocurrency ventures, similar to BitBank. Crypto analysts have famous that his enterprise empire nonetheless mirrors sanction-evading infrastructure.
Binance says WSJ is reporting “elementary inaccuracies.”
The publication reported in February 2026 that Binance fired inside investigators who had uncovered suspicious transactions price $1 billion being despatched to Iran-linked entities.
On the time, Binance demanded that the article be taken all the way down to appropriate its “false data.” It later sued WSJ.
Extra lately, a Binance spokesperson advised WSJ that its newest article is inaccurate, that Binance didn’t course of transactions from sanctioned entities on the time, and that it carried out all applicable steps.
It mentioned, “It seems the overwhelming majority of those transactions don’t have anything to do with the Binance platform.”
WSJ famous that Binance wouldn’t reply particular questions concerning the transactions and the quantities at play.
In response to WSJ’s newest article, Binance CEO Richard Teng claimed right this moment that WSJ’s reporting “continues to comprise elementary inaccuracies concerning the information and Binance’s dedication to a robust compliance framework.”
The WSJ’s reporting continues to comprise elementary inaccuracies concerning the information and Binance’s dedication to a robust compliance framework.
Reality: Binance didn’t allow any transactions with sanctioned people on its platform, and transactions talked about by WSJ occurred…
— Richard Teng (@_RichardTeng) Could 22, 2026
He mentioned, “Binance proactively investigated these points earlier than WSJ outreach. Binance offered these information to WSJ and it didn’t print them.”
WSJ reporting led to US investigation
In March, WSJ reported that the US Division of Justice had launched an investigation into Binance following the publication’s Binance/Iran reporting.
Democrat Senator Richard Blumenthal had already written to Binance demanding data on the corporate’s function in sanction-dodging transactions to Iranian and Russian entities.
He claimed Binance was appearing as a “repeat offender” and revisiting the crimes of its previous.
Binance was fined $4.3 billion in 2023 for failing to implement ample anti-money-laundering and sanctions checks. Its former CEO, Changpeng Zhao, was sentenced to 4 months in jail.
US Senator asks if Binance lied to Congress about Iran
As a part of this settlement, Binance agreed to onboard a compliance monitor that will make sure the trade was as much as code.
Zhao was pardoned by US President Donald Trump final October. WSJ studies that Binance has enriched the Trump household with $1.2 billion following its backing of World Liberty Monetary.
