Binance Publishes Detailed Breakdown of Iran-Linked Transfer Allegations

On March 10, Binance released a detailed report addressing accusations that $1.7 billion was routed to addresses linked to Iranian entities. The exchange mapped out the full fund flow and issued point-by-point responses to claims published by major Western media outlets.

A Multi-Layered Fund Flow Chain

According to Binance's findings, the assets traveled a complex, multi-step route spanning Asia, the Middle East, and other regions. The exchange identified three key links in the chain.

Funds originated from a regulated stablecoin issuer and a Singapore-based digital payments provider. After being withdrawn from Binance, they passed through a network of intermediary wallets — some of which, it was later discovered, belonged to a single operator.

Fund flow diagram as presented by Binance

Binance's analysis determined that $126.1 million ultimately reached Iran-linked addresses — but only after passing through multiple intermediary transfers. Of that amount, $24.1 million ended up in wallets associated with the Islamic Revolutionary Guard Corps (IRGC). The connection to the IRGC was identified only after Binance had already launched its investigation and begun freezing accounts.

During the probe, the exchange identified accounts belonging to companies Blessed Trust and Hexa Whale, blocked them, and forwarded all relevant information to law enforcement agencies.

Binance emphasized that the funds in question were neither sent from nor received by the exchange directly. Once the complex transaction pattern was detected, all involved accounts were disabled and reported to authorities.

Why This Matters

Allegations of facilitating sanctions evasion represent one of the most damaging reputational risks for any crypto platform. Binance's response to reporting by The New York Times, The Wall Street Journal, and Fortune underscores how aggressively the world's largest exchange must defend itself amid intensifying regulatory scrutiny. The outcome of this case could shape compliance standards across the entire industry.

Binance Responds to Four Media Claims

The exchange addressed each of the four key allegations that appeared in Western media publications:

• The $1.7 billion transfer to Iranian entities. Binance maintains it was neither the sender nor the final destination of these funds. The flow passed through multiple independent intermediaries before a fraction reached Iran-linked addresses. The vast majority of the funds have no confirmed connection to Iran, according to the exchange.
• Firing compliance employees. Binance stated that no employee was terminated for filing compliance reports. The departure of the individuals named in media reports was unrelated to the investigations, which continued after their exit.
• Halting investigations. The company asserts that no investigation was stopped or scaled back. Each concluded with account suspensions and data handoffs to law enforcement.
• Restricting access to the Blessed Trust account. Binance claims investigators received access to the account immediately upon request, with extensions granted multiple times. System logs, according to the company, confirm no restrictions were imposed.

Compliance Track Record by the Numbers

The report included several compliance metrics, some of which had appeared in previous statements:

• Sanctioned fund flows as a share of total trading volume dropped by 96.8% from January 2024 to July 2025.
• Direct interaction with the four largest Iranian exchanges fell by 97.3% from January 2024 to January 2026.
• Over 71,000 law enforcement requests were processed in 2025.
• The exchange assisted in the seizure of more than $131 million tied to illicit activity.
• Annual compliance spending exceeds $200 million, with 20% of staff dedicated to the function.

Binance compliance department statistics

Prior to this report, Binance co-CEO Richard Teng and Chief Compliance Officer Noah Perlman had already rejected the media accusations in a video address. The current publication represents the exchange's most granular response to the press allegations to date.