Crypto exchange Binance has pushed back against a report by The Wall Street Journal. The report alleges that Iranian networks used the platform to move funds tied to sanctioned entities, as U.S. authorities reportedly begin examining the transactions.
According to the Journal, the U.S. Department of Justice is investigating whether cryptocurrency transactions linked to Iran moved through Binance in a way that may have allowed users to evade U.S. sanctions.
The report said investigators have contacted individuals with knowledge of the transactions as they gather information about funds allegedly routed through the exchange.
It remains unclear whether the investigation is targeting Binance itself or customers who used the platform.
The development places the world’s largest crypto exchange back under scrutiny following its 2023 settlement with U.S. authorities over anti-money laundering and sanctions violations.
Alleged $1.7B network under scrutiny
The Journal report builds on earlier allegations that roughly $1.7 billion in cryptocurrency transfers moved through accounts linked to an Iranian network between 2024 and 2025.
According to the report, internal investigators at Binance previously flagged the transfers, which allegedly passed through intermediary accounts linked to a Hong Kong-based payments firm called Blessed Trust.
Some of the funds were reportedly linked to digital wallets associated with Iran’s Islamic Revolutionary Guard Corps and groups aligned with Iran, including Yemen’s Houthi militants.
The Journal said a portion of the transfers involved funds flowing from Chinese clients into digital wallets used to finance Iranian proxy networks.
U.S. authorities have increasingly focused on cryptocurrency’s role in sanctions enforcement as Iran has sought new channels to move revenues tied to oil sales.
Binance rejects report and files complaint
Binance strongly disputed the Journal’s reporting and said it has filed a complaint against the publication.
In a post on X, the company said the report was “false and defamatory” and accused the outlet of prioritizing clicks over journalistic integrity.
Binance said the complaint was intended to “shine the light of truth” and defend the company against misinformation that it said caused significant reputational harm.
The exchange also said the Journal had continued to publish inaccurate claims despite its previous responses.
Exchange maintains compliance stance
Binance has previously denied facilitating transactions involving sanctioned entities.
The company said earlier investigations found that only about $24 million ultimately reached wallets associated with Iran’s Islamic Revolutionary Guard Corps.
Binance also said it worked with law enforcement during the investigation and later shut down accounts linked to the intermediary network.
The exchange maintains that no Binance account directly transacted with sanctioned Iranian entities.
Scrutiny continues following prior settlement
The latest developments follow Binance and its founder, Changpeng Zhao, reaching a $4.3 billion settlement with U.S. authorities in 2023 over anti-money laundering and sanctions violations.
As part of that agreement, the company agreed to enhanced compliance monitoring by U.S. regulators.
Separately, U.S. Senator Richard Blumenthal recently opened an inquiry into alleged Iran-linked transactions following investigative media reports.
The senator said the scale of the alleged transfers raised concerns about whether cryptocurrency platforms are adequately enforcing sanctions controls.
Final Summary
- The U.S. Justice Department is reportedly examining alleged Iran-linked cryptocurrency transfers that moved through Binance. However, it remains unclear whether the exchange itself is under investigation.
- Binance has rejected the claims and filed a complaint against The Wall Street Journal, calling the report false and defamatory.