WSJ Reports $850 Million Transactions in Favor of Iran via Binance

Recent revelations by The Wall Street Journal have put Binance at the heart of a new controversy. Allegations have surfaced accusing the cryptocurrency exchange of facilitating significant financial transactions benefiting Iran, specifically targeting the Iranian Revolutionary Guard Corps (IRGC). These claims arise from an investigation highlighting approximately $850 million in crypto transfers linked to Iranian entities.

The Allegations Against Binance

The Wall Street Journal’s investigation suggests that a network tied to Iranian businessman Babak Zanjani utilized Binance’s platform for substantial financial operations. According to internal compliance reports, this network allegedly funneled around $850 million over two years through a single account. Of this amount, roughly $425 million might have been directed towards supporting Iran’s military structures.
Despite internal warnings within Binance about potential U.S. sanctions evasion, accounts associated with Zanjani reportedly remained active. The compliance team noted suspicious activities such as access from Tehran and shared device usage among several individuals linked to the network.

Zedcex and Its Role

Key to these allegations is Zedcex, a cryptocurrency firm allegedly connected with Babak Zanjani. This company played a crucial role by conducting around $830 million worth of transactions between 2024 and 2025 using a Dubai-based account on Binance. Some funds reportedly reached wallets associated with IRGC before moving on to Iranian exchanges like Nobitex.
Zedcex also promoted its stablecoin USDZ amid concerns that Iran was leveraging such digital assets to circumvent traditional banking restrictions.

Binance’s Response

In response to these serious accusations, Binance has firmly rejected any involvement in unlawful activities. A spokesperson emphasized that Binance adheres strictly to legal compliance standards and has not engaged directly with any sanctioned organizations.
Moreover, the company highlighted ongoing improvements in their compliance systems since 2024, claiming many implicated transfers were unrelated to their platform.

U.S. Regulatory Pressure Intensifies

These developments occur against a backdrop of increasing U.S. scrutiny over cryptocurrency networks tied to Iran’s financial systems. The Department of Justice is reportedly investigating how platforms like Binance might facilitate sanction evasion.
Previously in 2023, similar accusations prompted CEO Changpeng Zhao (CZ) of Binance to admit lapses in anti-money laundering protocols. Consequently, Binance agreed on paying a historic fine while committing itself under independent supervision moving forward.
A March 2026 meeting between U.S Treasury officials and top executives at Binance underscored growing concerns about Iranian-linked transactions facilitated through their exchange services.
Meanwhile Senator Richard Blumenthal has initiated another investigation into possible violations involving sanctions against Iran—a move met with strong denial from within Binance who insist these claims are unfounded slanderous attacks devoid truthfulness altogether
As investigations continue unfolding globally regarding alleged misuse crypto-assets spearheaded primarily via renowned exchanges like binance—it remains imperative closely monitor how future regulatory changes may impact broader landscape influencing industry participants worldwide