On March 10, Binance published a detailed analysis addressing allegations of transferring $1.7 billion to Iranian entities. The exchange outlined the flow of funds and responded to media claims.

The investigation uncovered a multi-step route for asset movement spanning Asia, the Middle East, and other regions. Binance described three links in the chain.

Funds originated from a regulated stablecoin issuer and a Singapore-based digital payment provider. After being withdrawn from Binance, they passed through a network of intermediary wallets, some of which were later found to belong to a single operator.

According to the exchange, $126.1 million reached addresses linked to Iran after several intermediary transfers. Of this amount, $24.1 million ended up in wallets associated with the Islamic Revolutionary Guard Corps (IRGC). The organization's involvement was established only after Binance initiated its investigation and began blocking accounts.

Source: Binance.

As part of the investigation, Binance identified accounts belonging to Blessed Trust and Hexa Whale, blocked them, and referred the information to law enforcement.

“To clarify: the funds in question were neither sent from Binance nor received by Binance. Once the exchange identified this complex transaction scheme, it disabled all accounts involved in the operations and reported them to law enforcement. This is the complete picture that the headlines missed,” company representatives emphasized.

Response to Four Media Allegations

Binance also addressed four claims that were mentioned in publications by The New York Times, The Wall Street Journal, and Fortune.

Regarding the $1.7 billion transfers to Iranian entities. The funds did not originate from Binance and did not end up on Binance — the exchange was neither the sender nor the endpoint of the transactions. The flow of funds passed through several independent intermediaries before part of it reached Iran-linked addresses. Moreover, the overwhelming majority of the funds have no confirmed connection to the country. Binance blocked accounts of users flagged for suspicious activity and reported them to law enforcement.

On the dismissal of compliance staff. Binance stated that no employee was fired for submitting compliance reports. The departure of the mentioned staff members is unrelated to ongoing investigations that continued after their suspension.

On the cessation of investigations. The company claims that investigations were neither halted nor discontinued. Each investigation resulted in account blockages and data referrals to law enforcement.

Regarding access restrictions to the Blessed Trust account. Binance stated that investigators gained access to the account immediately upon request, and access was repeatedly extended. According to company representatives, system logs confirm that there were no restrictions.

Compliance Data

In its publication, the exchange provided statistics, some of which had appeared in previous statements:

  • A 96.8% reduction in the share of sanctioned flows in total trading volume from January 2024 to July 2025;
  • A 97.3% decrease in direct interactions with the four largest Iranian exchanges from January 2024 to January 2026;
  • Processing of over 71,000 law enforcement requests in 2025;
  • Assistance in the seizure of over $131 million related to illegal activities;
  • Annual compliance expenses exceeding $200 million, with 20% of staff dedicated to this area.
Source: Binance.

Previously, Binance's management denied the media allegations in a video address by co-CEO Richard Teng and compliance head Noah Perlman.