Cryptocurrency exchange Binance has rejected U.S. Senate allegations that it facilitated over $1.7 billion in crypto transfers linked to Iranian networks, calling the claims false. The dispute stems from a Senate inquiry citing investigative media reports, with Binance defending its compliance programs and stating it has removed the entities in question.
Crypto exchange Binance has rejected allegations from U.S. lawmakers that it facilitated more than $1.7 billion in cryptocurrency transfers linked to Iranian networks. The company pushed back against a Senate inquiry that cited recent investigative media reports in a letter dated 6 March.
Binance said claims referenced in an inquiry from U.S. Senator Richard Blumenthal were “demonstrably false” and based on inaccurate reporting. The response addressed concerns raised by the Senate Permanent Subcommittee on Investigations about alleged sanctions violations and money laundering risks.
Blumenthal’s inquiry, sent on 24 February, cited reporting from outlets including the Wall Street Journal, The New York Times, and Fortune. These outlets alleged that intermediaries using Binance moved funds linked to Iranian networks and Russia’s sanctions-evading oil trade.
The senator’s letter suggested accounts associated with two Binance partners—Hexa Whale and Blessed Trust—acted as intermediaries for transfers linked to Iranian entities. The reports claimed internal investigators identified roughly $1.7 billion in transfers over 2024 and 2025, with some tied to wallets linked to Iran’s Islamic Revolutionary Guard Corps.
In its response, Binance said it maintains strict know-your-customer [KYC] and sanctions-screening requirements and prohibits users in Iran. The company stated no Binance account transacted directly with an Iran-based entity to its knowledge.
Binance said it removed Hexa Whale from the platform in August 2025 and offboarded Blessed Trust in January 2026 following internal reviews. The exchange highlighted it has over 1,500 compliance staff worldwide and processed more than 71,000 law-enforcement requests in 2025.
This dispute emerges amid broader scrutiny of crypto platforms’ sanctions compliance. In 2023, Binance and its founder pleaded guilty to violations as part of a U.S. settlement that included a $4.3 billion penalty.
