Binance Denies $1.7 Billion in Iran Sanctions Violations Amid US Senate Probe
Binance denied violating Iranian sanctions in a response to U.S. Senator Richard Blumenthal, who launched an inquiry following allegations that the exchange facilitated $1.7 billion in illicit transactions linked to Iran and Russian sanction evasion. The exchange called these media reports false, lacking credible evidence, and defamatory. According to Binance, after receiving law enforcement requests regarding two implicated Hong Kong-based partners, Hexa Whale and Blessed Trust, it conducted internal reviews and offboarded those accounts in August 2025 and January 2026, respectively. Binance emphasized its investment in compliance infrastructure, stating its program includes more than 1,500 employees and follows strict procedures for investigating and managing risks. The company argued its response to the flagged accounts demonstrated the effectiveness of its compliance program. These new allegations emerged after Binance pleaded guilty to violating U.S. anti-money-laundering and sanctions requirements in 2023, resulting in a $4.3 billion penalty. Co-founder Changpeng “CZ” Zhao was sentenced to four months in prison but was pardoned by former President Donald Trump in 2024.
