Binance Under Investigation for $850 Million in Transactions Linked to Iran
- Allegations suggest Binance facilitated up to $850 million in transactions benefiting Iranian entities, including the Iranian Revolutionary Guard Corps (IRGC).
- The network linked to businessman Babak Zanjani reportedly funneled around $425 million towards military support over two years.
- Zedcex, a firm associated with Zanjani, conducted approximately $830 million in transactions via Binance from a Dubai-based account.
- Despite internal compliance warnings about potential U.S. sanctions evasion, accounts related to Zanjani remained active on the platform.
- Binance has denied any wrongdoing and emphasizes its commitment to legal compliance and anti-money laundering standards.
These developments come amid increasing scrutiny from U.S. authorities regarding cryptocurrency platforms’ roles in facilitating financial transactions linked to Iran’s military operations. The Department of Justice is investigating potential sanction violations involving exchanges like Binance.
With allegations of facilitating $850 million in transactions for Iranian entities, Binance faces significant regulatory pressure as investigations continue into its compliance practices.(Source)
