WSJ Reports Iran-Linked Network Moved $850 Million Through Binance
Summary
- The Wall Street Journal reported allegations that funds linked to Iran's regime moved on a large scale through Binance, the world's largest cryptocurrency exchange.
- The WSJ said a secret payment network processed about $850 million in transactions through a single account over about two years and was used to maintain funding flows for Iranian military organizations.
- The report renewed attention on global crypto exchanges' anti-money laundering (AML) and sanctions compliance practices, while raising the prospect of closer scrutiny by US regulators.
Forecast Trend Report by Period
The Wall Street Journal reported allegations that funds linked to Iran's regime moved on a large scale through Binance, the world's largest cryptocurrency exchange, as the risk of military conflict with the US rose.
The newspaper said on May 22 that a secret payment network run by Iranian businessman Babak Zanjani had continued moving funds through Binance until recently.
Citing an internal Binance compliance report, the Journal said the network processed about $850 million in transactions through a single account over about two years. The activity continued through December 2025, the report said.
Zanjani has described himself as an "antisanction operator." He is also known for links to efforts to evade US and Western sanctions on Iran.
The Journal reported that the network was used to maintain funding flows for Iranian military organizations. It added that the system helped move regime-linked funds in preparation for a potential clash with the US.
Binance said it applies a "zero-tolerance" policy to illicit activity.
The report has also renewed attention on anti-money laundering, or AML, controls and sanctions compliance at global crypto exchanges. It also raised the prospect of closer scrutiny by US regulators of crypto-related fund flows tied to geopolitical risks.
