Iranian Network Reportedly Used Binance to Move $850M in Funds: WSJ

Binance reportedly processed nearly $850 million in transactions tied to an Iranian financial network allegedly used to evade U.S. sanctions and move funds linked to Iran’s Islamic Revolutionary Guard Corps (IRGC).

Binance Linked To 21-Iran Connected Accounts

A Wall Street Journal investigation published Friday revealed that Binance identified 21 trading accounts linked to U.S.-sanctioned Iranian financier Babak Zanjani.

An internal 80-page report showed at least $67 million flowed from two accounts to wallets identified by Israeli authorities as IRGC-linked.

One account belonged to Binance “high-value customer” Sukhrob Oimakhmadov, who received over $10 million from wallets later flagged as IRGC-linked.

Despite earlier scrutiny over transactions with Iranian exchange Aban Tether, Binance initially retained him under its risk-based compliance approach.

Binance said it blocked his account in October 2025 and formally removed him in May 2026.

How Did Iran’s Crypto Network Move $850 Million?

Investigators linked Oimakhmadov to Zedcex, whose Binance account processed nearly $830 million, including $56 million sent to wallets identified by Israel as IRGC-linked.

Binance records showed repeated account access from Tehran between late 2024 and 2025.

The network also involved Turkey-based ZedPay, which allegedly converted Iranian oil revenues into crypto to bypass traditional banking channels.

U.S. authorities later sanctioned Zanjani, Zedcex and associated entities.

Earlier reports revealed Binance investigators had flagged $1.7 billion in transactions linked to an Iranian network.

Binance Defends Compliance Measures

Binance said it had already identified all accounts with any connection to sanctions violations and restricted the suspicious activity.

The exchange also disputed suggestions that total trading volume represented funds transferred to the IRGC, calling that interpretation materially misleading.

Binance acknowledged historical compliance workflow issues, including delays between recommendations to close accounts and final administrative action.

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