Binance Internal Investigators Uncovered $1.7 Billion in Transactions to Iranian Entities Before Being Fired, Documents Show
Months after the crypto giant pledged reform, internal whistleblowers found funds flowing to entities with terror links—and were subsequently terminated.
NEW YORK — Internal investigators at Binance, the world’s largest cryptocurrency exchange, discovered that approximately $1.7 billion in crypto assets were transferred to Iranian entities with links to terrorist groups, according to internal documents and company records reviewed by The New York Times. Following the discovery, Binance fired or suspended at least four employees involved in the probe.
The findings, which surfaced last year, detail how people in Iran gained access to more than 1,500 accounts on the Binance platform over a 12-month period. Investigators traced the funds from two specific Binance accounts to Iranian entities; notably, one of the accounts belonged to a vendor working for Binance itself.
The transactions represent a potential violation of global sanctions, which strictly prohibit the flow of U.S. dollars and financial services to Iran. The investigators reported their findings to top executives shortly after uncovering them.
However, rather than facing commendation for the discovery, the team was met with disciplinary action. Within weeks of the report, Binance terminated or suspended at least four members of the investigative team. The company reportedly cited “violations of company protocol” related to the handling of client data as the rationale for the firings.
The incident raises serious questions about Binance’s commitment to compliance, coming just years after the company pleaded guilty in 2023 to breaking anti-money-laundering laws. At the time of that plea, Binance pledged to reform its practices, hiring over 60 employees with law enforcement and regulatory backgrounds to ensure bad actors were barred from using the platform to move money illegally.
The revelations arrive amid a shifting political landscape surrounding the company. The report notes that the internal warnings surfaced in the months leading up to former President Donald Trump granting a pardon to Binance founder Changpeng Zhao. Zhao had served four months in federal prison in 2024 for his role in the firm’s previous compliance failures.
Furthermore, the Trump family’s cryptocurrency venture, World Liberty Financial, has recently established close business ties with Binance. Zhao was also a guest at a conference held at Mar-a-Lago, former President Trump’s private club in Florida, earlier this month.
Binance has not yet issued a public statement regarding the specific findings of the $1.7 billion in transactions or the subsequent termination of the investigators.
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