Iran reportedly funneled billions through Binance to fund its military - Engadget

An Iranian individual identified as Babak Zanjani allegedly conducted about $850 million in transactions on Binance as late as December 2025, based on internal compliance reports. Additional movement of roughly $1.7 billion through the same network was previously reported. Binance flagged the activity, but Zanjani’s main account reportedly remained active for up to 15 months and was still open in January 2026. Experts said about half of the $425 million could have been used to fund Iran’s military. Binance investigators reportedly assessed the accounts as a money-laundering network to finance the regime. Binance stated most transactions were unrelated to its platform, claimed it blocked sanctioned individuals or wallets, and declined to answer questions about specific transactions. A U.S. senator opened a probe into potential sanctions violations.

"An Iranian named Babak Zanjani, who has called himself an “antisanction operator,” made $850 million in transactions on the exchange until as recently as December 2025, according to internal Binance compliance reports seen by The Wall Street Journal. That's on top of another $1.7 billion that the same network may have moved through Binance, as reported earlier by The New York Times and WSJ."

"Binance itself flagged the alleged activity, but Zanjani's main account continued to operate for as long as 15 months and was still open in January 2026, the reports showed. Around half of the sum (about $425 million) could have moved through Binance to fund Iran's military, experts told the WSJ. “Binance's own investigators assessed the accounts were a money-laundering network to finance the regime, according to compliance reports,” the article states."

"Binance told the WSJ in a statement that “it appears the overwhelming majority of these transactions have nothing to do with the Binance platform.” A company spokesperson added that Binance didn't allow any transactions with any sanctioned individuals or wallets, and that it took appropriate actions when it uncovered sanctioned accounts. However, the company declined to answer questions about the specific transactions in question."

"Democratic Senator Richard Blumenthal recently opened a probe into potential Binance sanctions violations uncovered by the company's own internal investigators. “Binance appears to have ignored warnings and recommendations to prevent Iranian money laundering schemes o"

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