Story perspectives

US Says Binance Sent $850 M to Iran’s Military

5/23/2026

Summary

**Binance Funds Iran**

US officials say Binance moved $850 million for Iranian financier Babak Zanjani to fund Iran’s military.
Binance flagged Zanjani’s accounts as money-laundering but kept the main account open through January 2026.
Internal reports indicate $1.7 billion was transferred through Binance to the same Iranian network in 2023, including $425 million believed to have reached the Islamic Revolutionary Guard Corps.
Senator Richard Blumenthal opened a probe in April 2026 and the DOJ is reviewing Binance’s role.

Summary

**Binance Sues WSJ**

Binance sued the Wall Street Journal for defamation in March 2026 over Iran-linked claims.
CEO Richard Teng said the disputed $850 million transactions occurred before sanctions were imposed.
Binance’s compliance division now employs more than 1,500 professionals and runs over 25 monitoring systems.
The exchange reported a 96.8 % reduction in exposure to sanctioned entities from January 2024 through July 2025.

Summary

**Binance Under Probe**

DOJ opened a March 11 2026 investigation into Binance over $1 billion that may have reached Iran-affiliated groups.
Senators Richard Blumenthal, Elizabeth Warren, Chris Van Hollen and Ruben Gallego sent April-May 2026 letters to the DOJ and Treasury demanding answers on Binance’s compliance.
Binance’s dismantling of its internal investigation unit and firing of staff who flagged $1.7 billion in suspicious transactions could raise compliance costs and user fees, analysts say.

History

Historical Context

After the United States re-imposed sweeping sanctions on Iran in May 2018—freezing more than $2 billion of IRGC-linked assets—crypto exchange Binance was later accused by a Senate probe and the DOJ of routing $850 million to the same network. The episode shows how decades-long U.S. and EU sanctions on the IRGC now force digital platforms to tighten compliance.

1 of 4

**Binance Funds Iran**

US officials say Binance moved $850 million for Iranian financier Babak Zanjani to fund Iran’s military.
Binance flagged Zanjani’s accounts as money-laundering but kept the main account open through January 2026.
Internal reports indicate $1.7 billion was transferred through Binance to the same Iranian network in 2023, including $425 million believed to have reached the Islamic Revolutionary Guard Corps.
Senator Richard Blumenthal opened a probe in April 2026 and the DOJ is reviewing Binance’s role.

1 / 4