An Iranian crypto network tied to businessman Babak Zanjani moved about $850 million through Binance-linked accounts over two years, The Wall Street Journal reported.
The Wall Street report said accounts linked to Zanjani’s network may have helped finance entities tied to Iran’s Islamic Revolutionary Guard Corps.
Zanjani has long faced accusations from Western authorities of helping Tehran evade sanctions. The US Treasury’s Office of Foreign Assets Control sanctioned Babak Morteza Zanjani, Zedcex Exchange Ltd. and Zedxion Exchange Ltd. in 2026.
The Treasury said Zedcex and Zedxion-linked addresses processed funds for wallets tied to the Islamic Revolutionary Guard Corps. It designated the firms for operating in Iran’s financial sector.
Binance rejected the allegations. The exchange said it does not allow sanctioned individuals to transact and has strengthened its anti-money laundering systems.
Richard Teng, Binance’s chief executive, has also disputed Wall Street Journal compliance claims. Crypto industry reports said he called earlier allegations inaccurate and defamatory.
Read: Trump Crypto Venture Shares Networks With Iran Exchange
The Wall Street Journal reported that Binance had issued internal warnings about suspicious activity. However, some accounts allegedly continued operating for months, including one main account that stayed active for at least 15 months.
