Binance has officially denied allegations of violating Iran sanctions through transactions exceeding $1.7 billion. The cryptocurrency exchange responded in a letter to U.S. Senator Richard Blumenthal, who initiated an investigation following media reports. These reports suggested Binance facilitated transactions for Iranian entities and sanction-evading trades.
The exchange stated that the reporting is "demonstrably false, unsupported by credible evidence, and defamatory." Binance detailed its internal investigations into two alleged partner firms, Hexa Whale and Blessed Trust, which led to the offboarding of their accounts in 2025 and 2026 respectively. The company emphasized its substantial investment in compliance infrastructure, including over 1,500 employees globally, asserting that its rigorous compliance program effectively addressed the reported risks.
These denials come after Binance pleaded guilty in 2023 to violating U.S. anti-money laundering laws and sanctions, resulting in a $4.3 billion penalty and a prison sentence for its former CEO, Changpeng Zhao.