Binance Reportedly Handled Nearly $850 Million Tied to Iranian Sanctions-Evasion Network

A Wall Street Journal investigation published Friday says Binance processed close to $850 million in transactions connected to an Iranian financial network accused of dodging US sanctions and moving money linked to the Islamic Revolutionary Guard Corps. Binance identified 21 trading accounts tied to sanctioned Iranian financier Babak Zanjani. An internal 80-page report found that at least $67 million moved from two of those accounts to wallets Israeli authorities have labeled as IRGC-linked.

Zedcex, ZedPay and the Flow of Iranian Funds

Investigators say Binance “high value customer” Sukhrob Oimakhmadov received more than $10 million from wallets later flagged as IRGC-linked. Despite earlier scrutiny over dealings with Iranian exchange Aban Tether, he was initially kept on under the exchange’s risk-based compliance approach. Binance says it blocked his account in October 2025 and removed him in May 2026. He was connected to Zedcex, whose Binance account handled nearly $830 million, including $56 million sent to IRGC-linked wallets. Records showed repeated logins from Tehran between late 2024 and 2025. Turkey-based ZedPay allegedly converted Iranian oil revenue into crypto to bypass banks. US authorities later sanctioned Zanjani, Zedcex and related entities, and earlier reports said Binance investigators had flagged $1.7 billion tied to an Iranian network.

Binance Responds on Compliance

Binance says it has already identified and restricted every account with a sanctions connection. It called the idea that total trading volume equals money sent to the IRGC materially misleading, while admitting past workflow problems, including delays between recommendations to close accounts and final action.